Exercise $8-6$A $($Algo$)$ Allocating costs for a basket purchase LO $8-1$

Pitney Company purchased an office building, land, and furniture for $$798,800$ cash. The appraised value of the assets was as follows.

Land $ $178,931$

Building $223,664$

Furniture $492,061$

Total $ $894,656$

Required

a$.$ Compute the amount to be recorded on the books for each asset.

b$.$ Show the purchase in a horizontal statements model.

c$.$ Prepare the general journal entry to record the purchase.