Allocation of Package Purchase Price and Depreciation Methods In an expansion move, Beam Company paid $2,680,000 for most of the property, plant, and equipment of a small manufacturing firm that was going out of business. Before agreeing to the price, Beam hired a consultant for $20,000 to appraise the assets. The appraised values were as follows Land Building 144,000 L054.000 Coupment 1,120,000 Tricks 16.000 Total $2.800.000 Beam issued two checks totaling $2,700,000 to acquire the assets and pay the consultant on April 1. Beam depreciated the assets using the straight-line method for the building and equipment and the double-declining balance method for the trucks. Estimated useful lives and salvage values were as follows: Salvage Useful Life Valus Buildeg 15 years 86,000 years 70.000 Trucks Syears 11.000 a. Calculate the amounts abocated to the various types of plant assets acquired on April 1 A und Total fauymers Trucks Prepare the April 1 journal entries to record the purchase of the assets and the payment to the consultant Combine both cash disbursements into one journal entry. Date Apr.1 Land Building Equipment Trucks General Journal Description Debit Credit Cash To record purchase of plant assets and payment to consultant c. Prepare the December 31 journal entries to record depreciation expense for the year on the building, trucks, and equipment (Round to the nearest dollar Date General Journal Description Debit Credit Dec 31 Dec 31 Dec 21 To record depreciation on building To record depreciation on piment To record depreciation on trucks # Allocation of Package Purchase Price and Depreciation Methods In an expansion move, Beam Company paid $2,680,000 for most of the property, plant, and equipment of a small manufacturing firm that was going out of business. Before agreeing to the price, Beam hired a consultant for $20,000 to appraise the assets. The appraised values were as follows Land Building 1448000 1064,000 Equipers Trucks Total 1.120,000 168.000 $3.800.000 Beam issued two checks totaling $2,700,000 to acquire the assets and pay the consultant on April 1. Beam depreciated the assets using the straight line method for the building and equipment and the double-declining balance method for the trucks. Estimated useful lives and salvage values were as follows Salvage Useful Life Value Building 15 years 586.000 years 20.000 trucks Syears 13.000 A Calculate the amounts allocated to the various types of plant assets acquired on April 1 Asset Total b. Prepare the April 1 journal entries to record the purchase of the assets and the payment to the consultant. Combine both cash disbursements into one journal entry. General Journal Date Apr.1 Land Building Description Debit Credit 0 Equipment 0 Trucks 0 0 Cash 0 0 To record purchase of plant assets and payment to consultant c. Prepare the December 31 journal entries to record depreciation expense for the year on the building, trucks, and equipment. (Round to the nearest dollar.) Date Dec. 31 General Journal Description Debit Credit 0 0 0 To record depreciation on building Dec 31 0 0 0 0 To record depreciation on equipment Dec 31 o 0 10 D To record depreciation on trucks Please answer all parts of the question.