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Retail Entity (RE) just acquired land and a building for a single sum of $40,000....

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Accounting

Retail Entity (RE) just acquired land and a building for a single sum of $40,000. An independent appraisal determined the fair vales of the assets (if purchased separately) at $30,000 for the land, $20,000 for the building. Prepare the journal entry to record the purchase of the land and building.

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