Wild West acquires Cowboy Jim's assets for $3,500,000. The fair value of Cowboy Jim's assets...
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Accounting
Wild West acquires Cowboy Jim's assets for $3,500,000. The fair value of Cowboy Jim's assets are:
Asset 1 = 2,000,000
Asset 2 = 525,000
Asset 3 = 1,200,000
What is the amount of the purchase price that should be allocated to Asset 1?
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