Watson Company purchased assets of Holmes Ltd. at auction for $1,260,000. An independent appraisal of the fair value of the assets acquired is listed below:

Land	$	208,500
Building		278,000
Equipment		556,000
Inventories		347,500

Required: Prepare the journal entry to record the purchase of the assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)