Exercise 8-6A (Algo) Allocating costs for a basket purchase LO 8-1 Pitney Company purchased an office building, land, and furniture for $775,500 cash. The appraised value of the assets was as follows. Land Building Furniture Total Required $ 104,227 321,367 442,966 $ 868,560 a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required A Required B Required C 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 Required A Required B Required C Record the purchase in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing act to indicate that an element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign. Do not round intermediate calo nearest whole dollar.) PITNEY COMPANY Horizontal Statements Model Balance Sheet Income Statement Assets Liabilities Cash Land Building + + Furniture Stockholders' Equity Statement of Cash Flows Revenue Expenses Net income whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first 32260 View transaction list Journal entry worksheet < A Record purchase of land, building and furniture for cash. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal