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Problem
Sneathen Company purchased a restaurant building, land, and equipment for $600,000 cash. The appraised 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. Record the purchase in a horizontal statements model like the following one. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). The letters NA indicate that an element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.)
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