Allocating costs for a basket purchaseMarker Co. purchased an office building, land, and f...

Allocating costs for a basket purchase

Marker Co. purchased an office building, land, and furniture for $300,000 cash. The appraised value of the assets was as follows:

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.

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