Question
Pitney Company purchased an office building, land, and furniture for $645,500 cash. The appraised value of the assets was as follows. Land $ 137,362 Building
Pitney Company purchased an office building, land, and furniture for $645,500 cash. The appraised value of the assets was as follows.
| Land | $ 137,362 |
|---|---|
| Building | 187,970 |
| Furniture | 397,628 |
| Total | $ 722,960 |
Required 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.
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Eoc Only Davis Managerial Accounting
Authors: Charles E. Davis, Elizabeth Davis
2nd Edition
111883464X, 978-1118834640
