Samuel Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:
Lot 1 - 225,000 appraised value
lot 2 - 100,000 appraised value
lot 3 - 175,000 appraised value
Samuel properties paid $ 380,000 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. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Please show how you get the percent.
Ans: Journal entry
.
S.no | Account title and explanation | Debit($) | Credit($) |
1 | Land- Lot 1(225,000/500,000*380,000) | 171,000 | |
Land- Lot 2(100,000/500,000*380,000) | 76,000 | ||
Land- Lot 3(175,000/500,000*380,000) | 133,000 | ||
Cash | 380,000 | ||
(being paid cash for land lot wise) |
Samuel Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued...
Eastwood Properties bought three lots in a subdivision for a
lump-sum price. An independent appraiser valued the lots as
follows:
Eastwood paid$435,000 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. (Record a single compound journal entry. Record
debits first, then credits. Select the explanation on the last
line of the journal entry table.)
Lot $ Appraised Value 49,000 98,000 343,000...
E9-18 Making a lump-sum purchase of assets Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: dearcdeser Lot Appraised Value $ 144,000 96,000 240,000 Maplewood paid $355,000 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.
E10-18 Making a lump-sum purchase of assets Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Learning Objective 1 Lot 3 5177 500 Lot Appraised Value 1 $ 144,000 2 96,000 240,000 Maplewood paid $355,000 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. Learning Ob
All info needed is in the table included. Thank you
Oakwood Properties bought three lots in a subdivision for a lump sum price. An independent appraiser valued the lots as follows: (Click the icon to view the values.) Oakwood paid $210,000 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 (Record a single compound journal entry. Record debits first, then credits....
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preciate king a lump-sum purchase of assets E10-18 Making a lu Maplewood Properties be ties bought three lots in a subdivision for a lump sum price. An valued the lots as follows: independent appraiser valued the lot Learning Objective 1 Lot CHAPTER 16 Appraised Value $ 144,000 N 96,000 240,000 w Maplewood paid $355,000 in cash. Recor lot's cost in a separate Land acco computed percentages throughout. od paid $355,000 in cash. Record the purchase in the journal, identifying each...
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On thw journal entry I put the answer as:
Land-Lot 1: Debit-> 106500
Land-Lot 2: Debit-> 71000
Land-lot 3: Debit-> 1775000
Cash: Credit-> 355000
but it came as wrong answer
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Please help. The requirements are the questions.
Thanks
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