Quiz Seved Help Save Watson Company purchased assets of Holmes Ltd. at auction for $1,280,000. An Independent appraisal of the fair value of the assets acquired is listed below: Land Building Equipment Inventories $211,500 352,500 564,000 282,000 Required: Prepare the journal entry to record the purchase of the assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry for purchase of the assets. Note: Enter debits before credits Transaction General Journal Debit Credit Denu