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 $441,000 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
$43,000
2
297,000
3
109,500
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 43000 43000 / 449500 = 9.57 X 441000 = 42203.7 Lot 2 297000 297000 / 449500 = 66.07 X 441000 = 291368.7 Lot 3 109500 109500 / 449500 = 24.36 X 441000 = 107427.6 Total 449500 441000 Date Description Debit Credit Lot 1 42,203.70 Lot 2 291,368.70 Lot 3 107,427.60 Cash 441,000.00