Record the purchase in the journal

Reference no: EM131819903

Question: Making a lump-sum purchase of assets Riverwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:

Riverwood paid $265,000 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.

Reference no: EM131819903

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