Watson Company purchased assets of Holmes Ltd. at auction for $1,200,000. An independent appraisal of the fair value of the assets acquired is listed below:

Land	$	199,500
Building		332,500
Equipment		532,000
Inventories		266,000

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.)