Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser...
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Accounting
Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:
Eastwood paid$435,000 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 single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
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