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Tony Company purchased assets of Billy Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below:

Tony Company purchased assets of Billy Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below:

Land

$171,600

Building

514,800

Equipment

600,600

Inventories

429,000

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

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