Suppose you buy land for $2,800,000 and spend $1,100,000 to develop the property. You then divide the

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Suppose you buy land for $2,800,000 and spend $1,100,000 to develop the property. You then divide the land into lots as follows:

Category .......... Sale Price per Lot
15 Hilltop lots................. $510,000
15 Valley lots ................. $240,000

How much did each Hilltop lot cost you?

a. $176,800

b. $83,200

c. $510,000

d. $36,667

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Financial Accounting

ISBN: 978-0134725987

12th edition

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

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Question Posted: Jun 15, 2019 08:28 AM

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Suppose you buy land for $2,800,000 and spend $1,100,000 to develop the property. You then divide the

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Financial Accounting

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