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
$44,000
2
295,000
3
119,500
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 / 458500 = 9.6 X 432000 = 41472 Lot 2 295000 295000 / 458500 = 64.34 X 432000 = 277948.8 Lot 3 119500 119500 / 458500 = 26.06 X 432000 = 112579.2 Total 458500 432000 Date Description Debit Credit Lot 1 41,472.00 Lot 2 277,948.80 Lot 3 112,579.20 Cash 432,000.00