Question: Deadwood Properties bought three lots in a subdivision for a

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. 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.


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  • CreatedJanuary 16, 2015
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