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very urgent Magical Manufacturing Company purchased land, a building, and some equipment on January 22, 2021, for $490,000 cash. The land was appraised at $65,000,

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Magical Manufacturing Company purchased land, a building, and some equipment on January 22, 2021, for $490,000 cash. The land was appraised at $65,000, the building at $320,000, and the equipment at $115,000. REQUIRED: Allocate purchase price (show your work) and prepare the journal entry to record the transaction

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