Pitney Co. purchased an office building, land, and furniture for $660,000 cash. The appraised value...
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Pitney Co. purchased an office building, land, and furniture for $660,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total $ 73,920 295,680 369,600 $739,200 Required a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Allocated Cost Land Building Furniture Total PITNEY CO. Horizontal Statements Model Balance Sheet Income Statement Assets Land Building + Furniture Statement of Cash Flow Liabilities + Equity Revenue Net Income Expense = Cash + + + + + +
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