4 Exercise 8-6A Allocating costs for a basket purchase LO 8-1 Pitney Co. purchased an office building, land, and furniture for $500,000 cash. The appraised value of the assets was as follows: 1 points eBook Land Building Furniture Total $180,000 300,000 120,000 $600,000 Print Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model like the following one: c. Prepare the general journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the amount to be recorded on the books for each asset. Allocated Cost Land Building Furniture Total financing activity, NC for net change in cash and NA for not affected. Enter any decreases to account balances with a minus sign.) PITNEY CO. Statements Model Equity Assets Revenue Expenses = Net Income Cash Flows Cash Land + Building + Furn. Journal entry worksheet Record purchase of land, building and furniture for cash. Note: Enter debits before credits. Event General Journal Debit Credit 1