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 $444,000 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
293,000
3
105,500
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 / 442500 = 9.94 X 444000 = 44133.6 Lot 2 293000 293000 / 442500 = 66.21 X 444000 = 293972.4 Lot 3 105500 105500 / 442500 = 23.84 X 444000 = 105849.6 Total 442500 443955.6 Date Description Debit Credit Lot 1 44,133.60 Lot 2 293,972.40 Lot 3 105,849.60 Cash 443,955.60