16 Part 1 of 2 06 points Print eferences Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [The following information applies to the questions displayed below] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building, $491,400, land, $264,600; land improvements, $75,600; and four vehicles, $113,400. Problem 8-1A (Algo) Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation 16 Part 1 of 2 Required information Complete this question by entering your answers in the tabs below. 6. oints Required 1A Required 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. 4 eBook Allocation of total cost Estimated Market Value Percent of Total Total cost of Acquisition Apportioned Cost Print Building $ 491,400 References Land 264,600 % $ 810,000 % $ 810,000 Land improvements 75,600 % $810,000 Vehicles 113,400 % $810,000 Total $ 945,000 0% $ Required 1B > Check ma 16 Part 1 of 2 0.6 points Required information Journal entry worksheet < Record the costs of lump-sum purchase. ellock Note: Enter debits before credits. Print Date General Journal Debit Credit References January 01 Chec Required information Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building Check my work 6 1 of 2 Jook rences Required information. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Depreciation expense on land improvements Check my work