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Schwartz Co. paid $780,000 cash to buy the plant assets of Kimberly Co. that went out of business. An independent appraiser assigned the following values

Schwartz Co. paid $780,000 cash to buy the plant assets of Kimberly Co. that went out of business. An independent appraiser assigned the following values to the assets acquired:

Land$522,000
Building243,000
Equipment135,000
Total$900,000

Prepare Schwartz's journal entry to record the acquisition of these assets.

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