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Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought three lots in a subdivision for a lump-sum price.
Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: E (Click the icon to view the values.) Eastwood paid $400,000 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.) Accounts and Explanation Credit Date Debit Accumulated Depreciation Building Cash Depreciation Expense Gain on Disposal Land-Lot 1 Land-Lot 2 Land-Lot 3
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