Pitney Co. purchased an office building, land, and furniture for $650,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total Required $145,600 218,400 364,000 $728,000 a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Furniture Total Allocated Cost

Pitney Co. purchased an office building, land, and furniture for $650,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total Required $145,600 218,400 364,000 $728,000 a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Furniture Total Allocated Cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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