Lump-sum purchase of assets [10-15 min]
Deadwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:
Lot | Appraised Value |
1 | $ 70,500 |
2 | 235,000 |
3 | 164,500 |
Deadwood paid $210,000 in cash.
Requirement
1. Record the purchase in the journal, identifying each lot’s cost in a separate Land account. Round decimals to two places, and use your computed percentages throughout.
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