Exercise $22-22$A $($Algo$)$ Assigning joint costs LO C$2$

Home Properties is developing a subdivision that includes $360$ home lots. The $170$ lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hills; the $190$ lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot is $$40,000$ and for each Hilltop lot is $$93,000.$ The developer acquired the land for $$2,100,000$ and spent another $$2,700,000$ on street and utilities improvements.

Assign the joint land and improvement costs of $$4,800,000$ to the Canyon section and the Hiltop section using the value basis of allocation.

Note: Do not round your intermediate calculations.

$\backslash$table$[[,$Sales Value,Percent of Sales Value,Cost to Allocate,Allocated Cost$],[,,$Numerator,Denominator,$\backslash$table$[[\%$ of Sales$],[$Value$]],,],[$Canyon section,,,,,,$],[$Hilltop section,,,,,,$],[$Totals$,,,,,,]]$