Schwartz Co.paid $780,000 cash to buy the plant assets of Kimberly Co.that went out of business.An independent appraiser assigned the following values to the assets acquired:
Prepare Schwartz' journal entry to record the acquisition of these assets.

Independent Appraiser

A certified professional who provides an unbiased opinion on the value of an asset, often used in real estate transactions, without any direct connection to the buyer or seller.

Journal Entry

A record in accounting that represents each transaction with debits and credits in financial accounts.

Plant Assets

Long-term tangible assets that are used in the production of goods or services and are not intended for resale, including buildings, machinery, and equipment.