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Eli Company purchased assets of Whitney Inc. at auction paying $500,000. An independent appraisal of fair market value of the assets aquired is listed below:

Eli Company purchased assets of Whitney Inc. at auction paying $500,000. An independent appraisal of fair market value of the assets aquired is listed below:

Land 400,000

Building 200,000

Equipment 75,000

Patent 10,000

Prepair the journal entry to record the purchase of the assets. Record each asset in a seperate account

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