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Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: (Click the icon to view
Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: (Click the icon to view the values.) Maplewood paid $290,000 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 * Data Table - X Lot Lot 1 $ Appraised Value $ 198,000 176,000 66,000 Lot 2 Lot 3 Print Done
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