Heart & Home Properties is developing a subdivision that includes 370 home lots. The 160 lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hills; the 210 lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot is $44,000 and for each Hilltop lot is $96,000. The developer acquired the land for $1,900,000 and spent another $1,700,000 on street and utilities Improvements. Assign the joint land and improvement costs to the lots using the value basis of allocation and determine the average cost per lot. (Do not round your Intermediate calculations.) Market Value Quantity of Lots Average Lot Cost Answer is complete but not entirely correct. Percent of Market Value Cost to Allocated Allocate Cost % of Mkt Numerator Denominator Value $ 7,040,000 $27,200,000 25.88% $ 3,600,000 $ 1,556,757 20,160,000 27,200,000 74.12% 3,600,000 2,043,243 100.00% $ 3,600,000 Canyon section 160 S 9,730 Hilltop section $ 7,040,000 20,160,000 $ 27,200,000 210 9,730 Totals