Exercise 8-6B Allocating costs for a basket purchase Usrey Company purchased a restaurant building, land, and equipment for $600,000 cash. The ap praised value of the assets was as follows: Land $200,000 Building 480,000 Equipment 120,000 Total $800,000 Required a. Compute the amount to be recorded on the books for each of the assets. b. Show the purchase in a horizontal statements model like the following one: Balance Sheet Income Statement Assets Llab. + Stk. Equity Statement of Cash Flows Cash +Land + Building + Equip. Rev. - Exp. Net Inc. EXERCISE 8-6B a. Asset Appraised Value Percent of Appraised Value Land Building Equipment Total $800,000 Asset % of App. Value 100% Purchase Price Land x Building x Equipment x Allocated Cost = = = Total $600,000