An January 1, a company paid $770,000 cash for property that included land appraised at $384,000; land improvements appraised at $128,000; and a building appraised at $288,000. The plan is to use the building as a manufacturing plant. The land improvements have an estimated 20-year life, and no salvage value. The building has a 30-year life, and $75,000 salvage value. Requirements: Determine the purchase price amount that should be apportioned to each asset. Record the journal entry to record the purchase of the three assets. Record the first-year depreciation expense using the straight-line method. Assume the property was placed in service on January I of the current year. Apportioned cost (from supporting calculations below): Supporting Calculations: Journal Entry to record purchase: Journal Entry to record depreciation expense