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
$43,000
2
294,000
3
122,500
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 / 459500 = 9.36 X 433000 = 40528.8 Lot 2 294000 294000 / 459500 = 63.98 X 433000 = 277033.4 Lot 3 122500 122500 / 459500 = 26.66 X 433000 = 115437.8 Total 459500 433000 Date Description Debit Credit Lot 1 40,528.80 Lot 2 277,033.40 Lot 3 115,437.80 Cash 433,000.00