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Sarah Corporation purchased property that contained land, a building, a parking lot, and equipment for $3,000,000 in cash as a lump sum. All of the assets will be used by Sarah. An independent appraiser established the following market values for the assets:
Land $750,000
Building $1,750,000
Parking Lot $250,000
Equipment $1,250,000
Required: Determine the acquisition of the assets and prepare the necessary journal entry
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