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Fin Inc. pays cash to purchase land with a commercial building and parking lot on it for $1, 200,000. The land has an appraised value

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Fin Inc. pays cash to purchase land with a commercial building and parking lot on it for $1, 200,000. The land has an appraised value of $450,000, the commercial building has an appraised value of $900,000 and a parking lot has an appraised value of $150,000. What journal entries should the company make to record the purchase of this property

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