Watson Company purchased assets of Holmes Ltd. at auction for $1.290,000 cash. An independent appraisal of the fair value of the assets acquired is listed below: Land $213,000 Building 284,000 Equipment 497,000 Inventories 426,000 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.) View transaction list