Allocating costs for a basket purchaseJourdan Company purchased a restaurant building, lan...

Allocating costs for a basket purchase

Jourdan Company purchased a restaurant building, land, and equipment for S700.000 cash. The appraised value of the assets was as follows:

Required

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

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

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