Acc205 Principles of Accounting I: E9-14 Deadwood Properties bought 3 lots

Acc205 Principles of Accounting I

E9-14 Lump-sum purchase of assets
Deadwood Properties bought 3 lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:
Lot Appraisal Value
1 70,500
2 235,000
3 164,500
Deadwood paid $210,000 in cash

Requirement:
Record the purchase in the journal, identifying each lot's cost in separate Land account. Round decimals to two places, and use your computed percentages throughout.
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