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Palmore Company has acquired a property that included both land and a building for $850,000. The company paid cash. The company hired an appraiser who

Palmore Company has acquired a property that included both land and a building for $850,000. The company paid cash. The company hired an appraiser who has determined that the fair value of the land is $250,000, and the fair value of the building is $800,000. What is the journal entry for the lumpminussum purchase? Round any intermediate calculations to two (2) decimal places, and the final answer to the nearest dollar

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