On Mar 12, Falcon Corp. paid $760,000 cash to buy the property, plant and equipment of Eagle
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Question:
On Mar 12, Falcon Corp. paid $760,000 cash to buy the property, plant and equipment of Eagle Co. that went out of business. An independent appraiser assigned the following values to the assets acquired:
Land$450,000
Building225,000
Truck45,000
Equipment180,000
Total$900,000
what is Falcon's journal entry to record the acquisition of these assets.
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