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suppose you buy land for $2,800,000 and spend $1,100,000 to develop the property.You then divide the land into lots as follows:Category Sale Price per Lot15 Hilltop lots................15 Valley lots.................$510,000$240,000How much did each Hilltop lot cost you?a. $176,800b. $83,200c. $510,000d. $36,667

suppose you buy land for $2,800,000 and spend $1,100,000 to develop the property.You then divide the land into lots as follows:Category Sale Price per Lot15 Hilltop lots................15 Valley lots.................$510,000$240,000How much did each Hilltop lot cost you?a. $176,800b. $83,200c. $510,000d. $36,667

FINANCIAL ACCOUNTING
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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suppose you buy land for $2,800,000 and spend $1,100,000 to develop the property.
You then divide the land into lots as follows:
Category Sale Price per Lot
15 Hilltop lots................
15 Valley lots.................
$510,000
$240,000
How much did each Hilltop lot cost you?
a. $176,800
b. $83,200
c. $510,000
d. $36,667

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