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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: 2 (Click the icon to
Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: 2 (Click the icon to view the values.) Maplewood paid $355,000 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 Land/Lot 1 Land-Lot 2 Land/Lot 3 Cash To record purchase of the lots with cash. Data Table Lot 1 Appraised Value $ 41,000 287,000 82,000 2
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