Chapter 08 saved Help Save & Exit Submit Check my work 1 Part 1 of 2 Required information [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 $840,000. The estimated market values of the purchased assets are building, $438,750; land, $253,500; land Improvements, $58,50p; and four vehicles. $224,250. 14 eBook Print References 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 $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised+ Value Percent of Total Appraised Value X Total cost of Acquisition Apportioned Cost $ 31/% X es % Building Land Land improvements Vehicles 438,750 253,500 58,500 224,250 975,000 % X % Total $ 31% $ Rourt A Required 1B > of Next > Part 1 of 2 Journal entry worksheet 714 1 points Record the costs of lump-sum purchase. eBook Print Note: Enter debits before credits. References Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal WONOGI SU Check my w 1 Part 1 of 2 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 $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining bolar depreciation. 714 points Complete this question by entering your answers in the tabs below. eBook Print References Required 1A Required 1B Required Required 3 Required 2 Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $28,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building Required 10 Required 3 > Check 1 Required: art 1 of 2 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 $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining depreciation. 4 ints Complete this question by entering your answers in the tabs below. eBook Print Required 1A Required 18 Required 2 Required 3 Ceferences 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
