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Hill purchased land with a current market value of $110,000, a building with a market value of $55,000, and equipment with a market value of
Hill purchased land with a current market value of $110,000, a building with a market value of $55,000, and equipment with a market value of $55,000. Journalize the lump-sum purchase of the three assets purchased for a total cost of $210,000 in exchange for a note payable. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit
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