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The Watson Company purchased Holmes Ltd. assets at auction for $1,300,000.An independent appraisal of the fair value of the assets acquired is detailed below: Land

The Watson Company purchased Holmes Ltd. assets at auction for $1,300,000. An independent appraisal of the fair value of the assets acquired is detailed below:

Land $214,500

Building 357,500

Team 572,000

Inventories 286,000

Prepare the journal entry to record the purchase of the assets.

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