Allocation of Package Purchase Price and Depreciation Methods In an expansion move, Beam Company paid $2,380,000 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 $416,000 Building 988,000 Equipment 1,040,000 Trucks 156,000 Total $2,600,000 Beam issued two checks totaling $2,400,000 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 $86,000 Equipment 9 years 70,000 Trucks 5 years 13,000 a. Calculate the amounts allocated to the various types of plant assets acquired on April 1. Asset Total Land Building Equipment Trucks 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 Description Debit Credit Apr.1 Land Building Equipment Trucks 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.) General Journal Date Description Debit Credit Dec. 31 To record depreciation on building. Dec. 31 To record depreciation on equipment. Dec. 31 To record depreciation on trucks. Please answer all parts of the