Hummingbird Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the

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Hummingbird Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:

Hummingbird Properties paid $210,000 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.

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Horngrens Financial And Managerial Accounting The Financial Chapters

ISBN: 9780137858651

8th Edition

Authors: Tracie Miller Nobles, Brenda Mattison

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Question Posted: Jun 25, 2023 12:48 AM

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Hummingbird Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the

Question:

Lot 1 2 3 Appraised Value $ 70,500 235,000 164,500

Step by Step Answer:

To record the purchase of the three lots in the journal identif...View the full answer

Horngrens Financial And Managerial Accounting The Financial Chapters

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