Wylie Company paid $950,000 cash to buy a group of plant assets. An independent appraiser assigned the
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Wylie Company paid $950,000 cash to buy a group of plant assets. An independent appraiser assigned the following values to the assets acquired:
Prepare Wylie’s journal entry to record the acquisition of these assets.
| Land | $ 600,000 |
|---|---|
| Building | 250,000 |
| Equipment | 150,000 |
| Total | $ 1,000,000 |
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