Question
Samuel Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued...
Samuel Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:
Lot 1 - 225,000 appraised value
lot 2 - 100,000 appraised value
lot 3 - 175,000 appraised value
Samuel properties paid $ 380,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Please show how you get the percent.
Answers
Ans: Journal entry
.
S.no Account title and explanation Debit($) Credit($) 1 Land- Lot 1(225,000/500,000*380,000) 171,000 Land- Lot 2(100,000/500,000*380,000) 76,000 Land- Lot 3(175,000/500,000*380,000) 133,000 Cash 380,000 (being paid cash for land lot wise)
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