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Tony company purchased assets of billy inc at auction for

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

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Accounting Basics: Tony company purchased assets of billy inc at auction for

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Accounting Basics: Tony company purchased assets of billy inc at auction for

Reference No:- TGS02860664

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