jnsoccerboy3121
jnsoccerboy3121
17.04.2020 • 
Business

Watson Company purchased assets of Holmes Ltd. at auction for $1,340,000 cash. An independent appraisal of the fair value of the assets acquired is listed below: Land $ 220,500 Building 367,500 Equipment 588,000 Inventories 294,000 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.)

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