Jourdan Company purchased a restaurant building, land, and equipment for $700,000 cash. The appraised value of the assets was as follows:
Land ......... $160,000
Building ....... 400,000
Equipment ...... 240,000
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 followingone.

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Assets - Liab. +Equity Rev.xp Net Inc. Cash Flow Cash + Land+ Building +Equip.