Try another version of this question Flip-It Quick Properties bough three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Flip-It Quick Properties paid $432,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Note: When inputting a percentage value, do not include the % symbol, and round your answer to two decimal places (e.g., 50.35). Use the rounded values for calculations throughout the assessment.
Lot
Appraised Value
1
$41,000
2
297,000
3
110,500
Asset Market Value Percentage of Total Value X Total Purchase Price = Assigned Cost of Each Asset Lot 1 / = X = Lot 2 / = X = Lot 3 / = X = Total Date Description Debit Credit Asset Market Value Percentage of Total Value X Total Purchase Price = Assigned Cost of Each Asset Lot 1 41000 41000 / 448500 = 9.14 X 432000 = 39484.8 Lot 2 297000 297000 / 448500 = 66.22 X 432000 = 286070.4 Lot 3 110500 110500 / 448500 = 24.64 X 432000 = 106444.8 Total 448500 432000 Date Description Debit Credit Lot 1 39,484.80 Lot 2 286,070.40 Lot 3 106,444.80 Cash 432,000.00