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Record the purchase in a horizontal statements model

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Reference no: EM13929079

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.

Reference no: EM13929079

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