Allocating costsfor a basketpurchaseJourdan Company purchased a restaurant building, land,...

Allocating costsfor a basketpurchase

Jourdan Company purchased a restaurant building, land, and equipment for $700,000 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.