Eastwood Properties bought three lots in a subdivision for a lumpsum price. An independent appraiser valued the lots as follows Click the loon to view the values) Eastwood paid $380,000 in cash Record the purchase in the journal, identifying each lots 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 joumal erary table) Date Land-Lot 1 Land-Lot 2 Land-Lot 3 Accounts and Explanation To record purchase of the lote with cash Debit Credit Data table Lot Lot 1 Lot 2 Lot 3 Appraised Value 47,000 258.500 164,500 1 X
Eastwood Properties bought three lots in a subdivision for a lumpsum price. An independent appraiser valued the lots as follows Click the loon to view the values) Eastwood paid $380,000 in cash Record the purchase in the journal, identifying each lots 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 joumal erary table) Date Land-Lot 1 Land-Lot 2 Land-Lot 3 Accounts and Explanation To record purchase of the lote with cash Debit Credit Data table Lot Lot 1 Lot 2 Lot 3 Appraised Value 47,000 258.500 164,500 1 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Am. 398.
Transcribed Image Text:Eastwood Properties bought three lots in a subdivision for a lump-sum price: An independent appraiser valued the lots as follows
(Click the loon tu view the values)
Eastwood paid $380,000 in cash Record the purchase in the journal, identifying each lots 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 joumal enery table)
Date
Land-Lot 1
Land-Lot 2
Land-Lot 3
Accounts and Explanation
Cash
To record purchase of the lote with cash
Debit
Credit
Data table
Lot
Lot 1
Lot 2
Lot 3
Print
Appraised Value
47,000
1
258.500
164.500
Done
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