Maplewood Properties bought three lots
in a subdivision for a lump-sum price. An independent appraiser valued the lots
as follows: Lot Appraised Value 1 $72,000 384,000 24,000
Maplewood paid
$265,000 in cash. Record the purchase in the journal, identifying
each lot's cost in a separate Land account. Round decimals to
two places, and use the computed percentages throughout
TUTORIAL PREVIEW
Allocation of cost to each lot:
Lot
|
Appraised
Value
|
Percentage of Total
Value
|
x Price
|
=
|
Total Purchase
Allocated Cost
| ||
File name: Maplewood
Properties.docx File type: xlsx PRICE:$5
