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 $433,000 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
$44,000
2
292,000
3
111,500
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 44000 44000 / 447500 = 9.83 X 433000 = 42563.9 Lot 2 292000 292000 / 447500 = 65.25 X 433000 = 282532.5 Lot 3 111500 111500 / 447500 = 24.92 X 433000 = 107903.6 Total 447500 433000 Date Description Debit Credit Lot 1 42,563.90 Lot 2 282,532.50 Lot 3 107,903.60 Cash 433,000.00