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Hatshy [7]
3 years ago
7

Pitney Co. purchased an office building, land, and furniture for $639,300 cash. The appraised value of the assets was as follows

:
Land $136,043
Building 179,004
Furniture 400,969
Total $716,016

Required:
a. Compute the amount to be recorded on the books for each asset.
b. Show the purchase in a horizontal statements.
c. Prepare the general journal entry to record the purchase.
Business
1 answer:
serg [7]3 years ago
5 0

Solution :

a).<u> Amount to be recorded on the books for each of the assets.</u>

                          Working                                                  Allocated cost($)

Land        (639,300 / 716,016 )x 136,043                                 121467

Building   (639,300 / 716,016 )x 179,004                                 159825

Furniture   (639,300 / 716,016 )x 400,969                              358008

Total                                                                                          639,300

b). <u>Statement model</u>

Assets : Cash + Land + Building + Furniture

            639,300 + 121,467 +  159825 + 358008

Cash flow = 639,300

c). <u>Journal entry</u>

General journal                        Debit($)           Credit($)

Land                                        121,467

Building                                   159,825

Furniture                                  358,008

Cash                                                             639,300  

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The journal entry which is to be reported on January 1 is shown below:

Explanation:

The journal entry which is to be reported on January 1 for the issuance is as:

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Cash A/c............................Dr  $600,000

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