1 2 3 4 SHENG HAGE 5 6 Land 7 Building 8 Furniture 9 10 12 13 11 Required a. Compute the amount to be recorded on the books for each asset. 15 16 Pitney Company purchased an office building, land, and furniture for $500,000 cash. The appraised value of the assets was as follows. 14 Note: Use the cells from the given information above to complete this question. 21 Total 17 Land 18 Building 19 Furniture 20 Total 25 26 27 $180,000 $300,000 $120,000 $600,000 22 b. Record the purchase in a horizontal statements model. 23 Note: In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate 24 Note: Use the cells from the given information above to complete this question. Allocated Cost Workbook Statistics = A Graded Worksheet $500,000 PITNEY COMPANY Horizontal Statements Model

Pitney Company purchased an office buldine, land, and furniture for $500,000cash $500,000 The appraised value of the assets was as follows. Required a. Compute the amount to be recorded on the books for each asset. Note: Use the cells from the given information above to complete this question. b. Record the purchase in a horizontal statements model. Note: In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate Note: Use the cells from the given information above to complete this question. b. Record the purchase in a horizontal statements model. Note: in the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity, Leave blank to indicate Note: Use the cells from the given information above to complete this question. c. Prepare the general journal entry to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Note: Use the cells from the given information above to complete this question. Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. Nothing in this area will be graded, but it will be submitted with your assignment