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Watson Company purchased assets of Holmes Limited at auction for $1,230,000. An independent appraisal of the fair value of the assets acquired is listed below:

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Watson Company purchased assets of Holmes Limited at auction for $1,230,000. An independent appraisal of the fair value of the assets acquired is listed below: Required: Prepare the journal entry to record the purchase of the assets. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field

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