Deadwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the
Question:
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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Req 1 Allocation of cost to each lot Lot Appraised Value Percentage of Total Valu...View the full answer
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Question Posted:
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