Lump-sum purchase of assets

Deadwood Properties bought 3 lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:

Lot

Appraisal Value

1

70,500

2

235,000

3

164,500

Requirement:

Record the purchase in the journal, identifying each lot’s cost in separate Land account.

Round decimals to two places, and use your computed percentages throughout.