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Watson Company purchased assets of Holmes Ltd. at auction for $1,280,000. An independent appraisal of the fair value of the assets acquired below Land 226,500

Watson Company purchased assets of Holmes Ltd. at auction for $1,280,000. An independent appraisal of the fair value of the assets acquired below

Land 226,500

building 377,500

Equipment 604000

Inventories 302,000

prepare the journal entry for the assets

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