Deadwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the

Question:

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.