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Problem:

Tony Company purchased assets of Billy 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:

Question: Prepare the journal entry to record the purchase of the assets.

Note: Please provide through step by step calculations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163939

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