Watson Company purchased assets of Holmes Ltd. at auction for $1.280,000. An independent appraisal of the fair value of the assets acquired is listed below. Land Building Equipment Inventories $211,500 352,500 564,000 282,200 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 Journal entry worksheet Record the entry for purchase of the assets. Notel Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal