Pitney Company purchased an office building, land, and furniture for $500,000 cash. The appraised value of...

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Pitney Company purchased an office building, land, and furniture for $500,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total Required $ 180,000 300,000 120,000 $ 600,000 a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Pitney Company purchased an office building, land, and furniture for $500,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total Required $ 180,000 300,000 120,000 $ 600,000 a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model.