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 $439,000 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
298,000
3
114,500
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 / 455500 = 9.44 X 439000 = 41441.6 Lot 2 298000 298000 / 455500 = 65.42 X 439000 = 287193.8 Lot 3 114500 114500 / 455500 = 25.14 X 439000 = 110364.6 Total 455500 439000 Date Description Debit Credit Lot 1 41,441.60 Lot 2 287,193.80 Lot 3 110,364.60 Cash 439,000.00