Deadwood

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

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Deadwood

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.)

Date

Accounts and Explanation

Debit

Credit

LandLot 1

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Data Table

Lot	Appraised Value
Lot 1	$178,500
Lot 2	229,500
Lot 3	102,000