Northwood properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:
Lot Appraised Value
1 $50,000
2 $60,000
3 $70,000
Northwood paid $150,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to three places, and use your computed percentages throughtout.