Lone Tree Holding Co. purchased Englewood Strip Malls on Jan 1 of the current year. At the time of purchase, Englewood Strip Malls had the following Assets and Liabilities; Which were reported at fair market value: Cash $71,000, Accounts Receivable 112,000, Supplies 9,800, Inventory 175,000, Property Plant and Equipment 300,000, Patent 80,000, Accounts Payable 180,000, Notes Payable 315,000. Lone Tree Holding Co. paid $850,000 for Englewood Strip Malls. 

Record the journal entry to record this purchase by Lone Tree Holding

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Here is the journal entry to record the purchase of Englewood St... View the full answer