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Recording a Lump-Sum Acquisition Freeman Company purchased a tract of land on which is located a warehouse and a building. The cash purchase price was

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Recording a Lump-Sum Acquisition Freeman Company purchased a tract of land on which is located a warehouse and a building. The cash purchase price was $392,000 plus $28,000 in fees connected with the purchase. Th following information relates to the property. Prepare the journal entry to record this purchase

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