Heart & Home Properties is developing a subdivision that includes 340 home lots. The 150 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 $42,000 and for each Hilltop lot is $94,000. The developer acquired the land for $2,400,000 and spent another $1,600,000 on street and utilities improvements. Assign the joint land and improvement costs to the lots using the value basis of allocation and determine the average cost per lot. (Do not round your intermediate calculations.)

Help Save mework Heart & Home Properties is developing a subdivision that includes 340 home lots. The 150 lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hils; the 190 lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot is $42.000 and for each Hiltoplotis 594,000. The developer acquired the land for $2,400,000 and spent another $1600,000 on street and utilities improvements Assign the joint land and improvement costs to the lots using the value basis of allocation and determine the average cost perlot (Do not round your intermediate calculations.) Cost to Allocate Allocated Cost Quantity Average Lot Cost Market Value Percent of Market Value Numerator Denominator of Value $5300 000 $ 441 Canyon Section Hop section Total 0 0 17860,000 5 24 160,000 0

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