Pitney Co. purchased an office building, land, and furniture for $773,400 cash. The appraised value...
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Pitney Co. purchased an office building, land, and furniture for $773,400 cash. The appraised value of the assets was as follows:
| Land | $ | 138,593 | |
| Building | 277,187 | ||
| Furniture | 450,428 | ||
| Total | $ | 866,208 | |
Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model like the following one: c. Prepare the general journal entry to record the purchase.
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