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Prepare the journal entry to record the purchase of assets

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Question - Mary Company purchased assets of Smith Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below:

Land $171,600

Building $514,800

Equipment $600,600

Inventories $429,000

Required - Prepare the journal entry to record the purchase of the assets.

Reference no: EM132937906

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