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 $442,000 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
$46,000
2
291,000
3
113,500
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 46000 46000 / 450500 = 10.21 X 442000 = 45128.2 Lot 2 291000 291000 / 450500 = 64.59 X 442000 = 285487.8 Lot 3 113500 113500 / 450500 = 25.19 X 442000 = 111339.8 Total 450500 441955.8 Date Description Debit Credit Lot 1 45,128.20 Lot 2 285,487.80 Lot 3 111,339.80 Cash 441,955.80