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Show the purchase in a horizontal statements model

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Reference no: EM133128907

Question - Pitney Company purchased an office building, land, and furniture for $659,800 cash. The appraised value of the assets was as follows.

Land $81,287

Building 243,862

Furniture 413,827

Total $738,976

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.

Reference no: EM133128907

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