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
$45,000
2
287,000
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 45000 45000 / 442500 = 10.17 X 433000 = 44036.1 Lot 2 287000 287000 / 442500 = 64.86 X 433000 = 280843.8 Lot 3 110500 110500 / 442500 = 24.97 X 433000 = 108120.1 Total 442500 433000 Date Description Debit Credit Lot 1 44,036.10 Lot 2 280,843.80 Lot 3 108,120.10 Cash 433,000.00