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Kwantlen Company Ltd. made a lump-sum purchase of land, building, and equipment for $300,000. The appraised market values for the items are $105,000, $161,000, and

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Kwantlen Company Ltd. made a lump-sum purchase of land, building, and equipment for $300,000. The appraised market values for the items are $105,000, $161,000, and $84,000, respectively. Kwantlen paid one-third of the purchase price and borrowed the remainder. Prepare the journal entry to record the above transaction. SHOW YOUR WORK

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