Exercise 6-6 Allocating costs for a basket purchase LO 6-1 Pitney Co. purchased an office building, land, and furniture for $500,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total $180,000 300,000 120,000 $600,000 Required 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. Allocated Cost Land Building Furniture Total Red Required 8 > Exercise 6-6 Allocating costs for a basket purchase LO 6-1 Pitney Co. purchased an office building, land, and furniture for $500,000 cash. The appraised value of the assets was as follows Land Buliding Purniture Total $100,000 300,000 120.000 $600,000 Required 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 Record the purchase in a horizontal statements model in the Cash Flowcolumn, use the initial OA to designate operating activity, IA for investing activity. A tor finan net change in cash leave the cell blank if the Statement of Cash Flow is not affected. Enter any decreases to account balances with a minus sgn.) PITNEY CO Horizontal Statement Model Income Statement Balance sheet Assets Land Building Furniture Statement of Oh Flow Equity Net Income Liabilities Revenue Expense Cash