Solution-Record the purchase in a horizontal statements

Record the purchase in a horizontal statements

Reference no: EM13928655

Haskin Co. purchased an office building, land, and furniture for $400,000 cash. The appraised value of the assets was as follows:

Land ........... $100,000
Building ........... 325,000
Furniture .......... 75,000
Total ............ $500,000

Required:

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

b. Record the purchase in a horizontal statements model like the following one.

1407_264-B-A-I-A (3497).png

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

Reference no: EM13928655

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Record the purchase in a horizontal statements

Reference no: EM13928655

Reference no: EM13928655

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