Lump-sum purchase of assets
Deadwood Properties bought 3 lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:
| Lot | Appraisal Value |
| 1 | 70,500 |
| 2 | 235,000 |
| 3 | 164,500 |
Requirement:
Record the purchase in the journal, identifying each lot’s cost in separate Land account.
Round decimals to two places, and use your computed percentages throughout.
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