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

Maplewood paid \($240,000\) in cash.
Requirement
1. Record the purchase in the journal, identifying each lot’s cost in a separate Land account. Round decimals to three places, and use your computed percentages throughout.

Transcribed Image Text:

Lot 1 $ 2 3 Appraised Value 90,000 60,000 100,000