Home Properties is developing a subdivision that includes 320 home lots. The 200 lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hills; the 120 lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot is $60,000 and for each Hilltop lot is $103,000. The developer acquired the land for $1,800,000 and spent another $2,000,000 on street and utilities improvements. Assign the joint land and improvement costs of $3,800,000 to the Canyon section and the Hilltop section using the value basis of allocation. Note: Do not round your intermediate calculations. Answer is complete but not entirely correct. Sales Value Percent of Sales Value Cost to Allocate Allocated Cost % of Sales Numerator Denominator Canyon section Hilltop section $ 12,000,000 12,360,000 $ 12,000,000 12,360,000 $ 24,360,000 Value 49.26% $ 3,800,000 $ 0 24,360,000 50.74% 3,800,000 Totals $ 24,360,000 100.00% $ 3,800,000