Question

Haskin Co. purchased an office building, land, and furniture for $400,000 cash. The appraised value of the assets was as follows:
Land ........... $100,000
Building ........... 325,000
Furniture .......... 75,000
Total ............ $500,000

Required
a. Compute the amount to be recorded on the books for each asset.
b. Record the purchase in a horizontal statements model like the following one.


c. Prepare the general journal entry to record thepurchase.


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  • CreatedOctober 26, 2013
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