Watson Company purchased assets of Holmes Limite value of the assets acquired is listed below: Land Building Equipment Inventory Required: $217,500 290,000 580,000 362,500 Prepare the journal entry to record the purchase of th Note: If no entry is required for a transaction/event. uction for $1,320,000. An independent appraisal of the fa ets. t "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the entry for purchase of the assets. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit