Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the
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Question:
Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:
Lot _________________Appraised Value
1 .................................. $ 144,000
2 .................................. 96,000
3 .................................. 240,000
Maplewood paid $435,000 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.
Related Book For
Principles of Accounting
ISBN: 978-0618736614
10th edition
Authors: Belverd Needles, Marian Powers, Susan Crosson
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