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: Land $ 272,000 Building Equipment 340,000 544,000 Inventory Required: 204,000 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.