Question

Pitney Co. purchased an office building, land, and furniture for $500,000 cash. The appraised value of the assets was as follows:
Land ........ $180,000
Building ..... 300,000
Furniture ..... 120,000
Total ....... $600,000
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 the purchase.


$1.99
Sales7
Views268
Comments0
  • CreatedApril 20, 2015
  • Files Included
Post your question
5000