Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 10, Problem E10.18E
Making a lump-sum purchase of assets
Learning Objective 1
Lot 3 $177,500
Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:
| Lot | Appraised Value |
| 1 | $144,000 |
| 2 | 96,000 |
| 3 | 240,000 |
Maplewood paid $355,000 in cash. Record the purchase in the journal identifying each lot’s cash in a separate Land account. Round decimals to two places, and use the computed percentages throughout.
Learning Objective 1
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Chapter 10 Solutions
Horngren's Accounting (12th Edition)
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