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

Pitney Company purchased an office building, land, and furniture for $$740,000$ cash. The appraised value of the assets was as follows:

Land $ $132,608$

Building $207,200$

Furniture $488,992$

Total $ $828,800$

Required

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

Show the purchase in a horizontal statements model.