Watson Company purchased assets of Holmes Ltd. at auction for $1,240,000. An independent appraisal of the fair value of the assets acquired is listed below: Land Building Equipment Inventories $ 205,500 342,500 548,000 274,000 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 Journal entry worksheet 1 Record the entry for purchase of the assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1