Question

Southwood Properties bought the lots in a suivision for a lumpsum price. An independent proses vahend the lots as follows: (Click the icon to view the value) Southwood paid $266,000 inch Record the purchase in the jouw, detyg each lors cost in a pwal Land account Round decimals to two pies, and the computed percentage thoutout Hecord a single compound juntry Record debits first, then credits Select the explanation on the last line of the jument) Date Accounts and Explanation Debit Credit

Answer 1

Date $ $ Accounts and explanation Debit Credit Dr 27146.34 LOT-1 Land alc LOT-2 Land all Dr 108585.37 ore Dr 135 73). 71 LOT-3 Land ale 265000 To cash ale Lands of LOT-1, LOT, LOTA are purchased by cash. on pic d 27146-34,108585.37 and 135731.71 The cash paid is 265000 So me amount can be amomsed on the apprised value porcentage. LOT -1 265000 x 42000 = 27146.34 410000 168000 108585.37 410000 LOT-2 = 265000x LOT- 37 2 10oo0 265000 x z 135731.71 410000