Allocation of Package Purchase Price and Depreciation Methods To expand its business, Small Company paid $760,000 for most of the property, plant and equipment of a small trucking company that was going out of business. Before agreeing to the price, Small hired a consultant for $5.000 to appraise the assets. The appraised values were as follows Assessed PropertyValue Land $120,000 Building 440,000 Trucks 144,000 Equipment 96,000 Total $800,000 Small issued two checks totaling $765,000 to acquire the assets and pay the consultant on July 1, Small depreciated the assets using the straight-line method on the building and on the equipment, and the double-declining balance method on the trucks. Estimated useful lives and salvage values were as follows Salvage Useful Life Value Building20 years $42,000 4 years 15,000 Equipment 8 years10,000 Trucks