Watson Company purchased assets of Holmes Limited at auction for $$1,360,000.$ An independent appraisal of the fair value of the assets acquired is listed below:

Land $ $223,500$

Building $298,000$

Equipment $596,000$

Inventory $372,500$

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.