Watson Company purchased assets of Holmes Limited at auction for $1,350,000. An independent appraisal of the fair value of assets acquired is listed below: Land $296,000 Building 370,000 Equipment 592,000 Inventory 222,000 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. Journal entry worksheet Record the entry for purchase of the assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1