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Boltwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: (Click the icon to view
Boltwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: (Click the icon to view the values.) Boltwood paid $265,000 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. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Land/Lot 1 45050 Land-Lot 2 156350 Land-Lot 3 246450 Cash 2650 - X Data Table To record purchase of the lots with cash. Lot Appraised Value 45,000 1 $ 2 157,500 247 500 3 Print Done
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