Question
Watson Company purchased assets of Holmes Limited at auction for $1,220,000. An independent appraisal of the fair value of the assets acquired is listed below:
Watson Company purchased assets of Holmes Limited at auction for $1,220,000. An independent appraisal of the fair value of the assets acquired is listed below: Land $ 202,500 Building 270,000 Equipment 540,000 Inventory 337,500
Required: Prepare the journal entry to record the purchase of the assets.
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
2nd Edition
0471347744, 978-0471347743
