AB Construction Company purchased land for $4.8 million. Subsequent to the purchase date AB paid $800,000 for land preparation as they were creating lots to sell for a new office park. When recording the sale of each lot what value should be used for the cost? Round to the nearest Cent NOTE: the streets were constructed previously and now owned by the city. Lot Number Sales Price Class of Lots per Lot A 100 32000 B 100 22000 200 20000 400 A. What amount should be recorded for cost of each A lot? B. What amount should be recorded for cost of each B lot? C. What amount should be recorded for cost of each Clot? D. At year end AB Company had sold 50 Lot Class A Lots, 60 Lot Class B Lots, and 120 Lot Class C Lots. (1) Total Revenue for the year: (2) Net Income for the Year