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Wild West acquires Cowboy Jim's assets for $3,500,000. The fair value of Cowboy Jim's assets are: Asset 1 = 2,000,000 Asset 2 = 525,000 Asset

Wild West acquires Cowboy Jim's assets for $3,500,000. The fair value of Cowboy Jim's assets are:

Asset 1 = 2,000,000

Asset 2 = 525,000

Asset 3 = 1,200,000

What is the amount of the purchase price that should be allocated to Asset 1?

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