Eastwood 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.) Eastwood paid $265,000 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 ingle 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 - X Land-Lot 3 Data table Cash To record sale of lots. Lot Appraised Value Lot 1 202,500 Lot 2 225,000 Lot 3 22,500

Eastwood 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.) Eastwood paid $265,000 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 ingle 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 - X Land-Lot 3 Data table Cash To record sale of lots. Lot Appraised Value Lot 1 202,500 Lot 2 225,000 Lot 3 22,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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