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Empire Hotels recently purchased a parcel of land, a building, and some furnishings for $1,200,000 cash. The land was appraised at $400,000, the building at
Empire Hotels recently purchased a parcel of land, a building, and some furnishings for $1,200,000 cash. The land was appraised at $400,000, the building at $1,400,000, and the furnishings at $200,000.
Required:
Journalize the entry to record this lump sum purchase
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