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

Northwood paid \(\$ 150,000\) in cash. 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 Appraised Value 12 $50,000 60,000 3 3 70,000