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 $437,000 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
116,500
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 / 452500 = 9.72 X 437000 = 42476.4 Lot 2 292000 292000 / 452500 = 64.53 X 437000 = 281996.1 Lot 3 116500 116500 / 452500 = 25.75 X 437000 = 112527.5 Total 452500 437000 Date Description Debit Credit Lot 1 42,476.40 Lot 2 281,996.10 Lot 3 112,527.50 Cash 437,000.00