Heart & Home Properties is developing a subdivision that include onome lots. The 180 lots in the Canyon section are below a ridge and do not have views of the neighboring came and has the 250 lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot 2000 and for each Hilltop lot is $90,000. The developer acquired the land for $1700,000 and spent another $2,000,000 on street and utilities improvements Assign the joint land and improvement costs to the lots using the value basis of allocation and determine the average cost per lot (Do not round your intermediate calculations.) Market Value Percent of Market Value Cost to Allocate Cost to Allocate d Allocated cost Quantity Average Lot of Lots Cost Denom Canyon section or 25.15% $ 3.700,000 is 7,550,000 22.500,000 $ 30,060,000 5 7.560,000 22,500,000 30050 000 30.060.000 3.700 000 100.00%
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