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. 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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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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