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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 $320,000 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 Accumulated Depreciation Building Cash Depreciation Expense Gain on Disposal Land--Lot 1 Land-Lot 2 Land-Lot 3 Loss on Disposal Notes Payable Lot 5 Appraised Value 69.000 368,000 23.000 Choose from any list or enter any number in the inp All parts showing PrintDone
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