Malfoy Company purchased the following assets at an auction for $1,250,000. An independent appraisal of the fair value of the assets acquired is listed below: Land Building Equipment Inventories $207,000 276,000 483,000 414,000 Prepare the journal entry to record the purchase of the assets. Journal entry worksheet 1 Record the entry for purchase of the assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Land Record entry Clear entry View general journal