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Present the journal entry to record the purchase

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Reference no: EM133016192

Question - On April 12, 2020, Prism Ltd., a camera lens manufacturer, paid cash of $560,600 for real estate plus $30,200 cash in closing costs. The real estate included land appraised at $204,680; land improvements appraised at $72,240; and a building appraised at $325,080. Present the journal entry to record the purchase. Record the costs of lump-sum purchase.

Reference no: EM133016192

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