Question: Crane Company purchased a company on November 11 2014 paying

Crane Company purchased a company on November 11, 2014, paying $1,150,000 for assets with the following fair values:
Asset Fair Value
Land ................ $ 200,000
Buildings .............. 350,000
Factory equipment ......... 550,000
Office equipment .......... 150,000
Total ............... $1,250,000
Prepare the journal entry for the lump-sum purchase

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  • CreatedSeptember 15, 2015
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