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Bell Inc. (BI) purchased a group of assets together from one...

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Accounting

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Bell Inc. (BI) purchased a group of assets together from one of its competitors whose owner had recently decided to retire and stop operations. BI paid $600,000 for land, building, equipment, and a patent. Independent appraisals had been completed on all assets prior to the sale. These appraisals indicated the following fair values for the assets: land $408,000; building $229,500; equipment $144,500, and patent $68,000. Required: Prepare the journal entry to record the purchase. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your percentages to 1 decimal place.) View transaction list Journal entry worksheet Record the purchase of assets. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry try Clear entry View general journal

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