Boltwood paid $265,000 in cash. Record the purchase in thejournal, identifying eachlot's cost in a separate Land account. Round decimals to twoplaces, and use the computed percentages throughout. (Record a single compound journal entry. Record debitsfirst, then credits. Select the explanation on the last line of the journal entrytable.)

Lot

Appraised Value

1

$

120,000

2

264,000

3

96,000