Deadwood Properties bought three lots in a subdivision for alump-sum price. An independent appraiser valued the lots asfollows:

Lot Appraised Value

Lot 1 $220,500

Lot 2 $122,500

Lot 3 $147,000

Deadwood paid $290,000 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.)