Chapter 8 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 $900,000. The estimated market values of the purchased assets are building, $508,800; land, $297600; land improvements, $28,800; and four vehicles, $124,800. 10 points Book 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 $27,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation Print References Complete this question by entering your answers in the tabs below. Required 1A Required 10 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of Total Appraised Cost Value Percent of Total Appraised Value Total cost of Apperties Acquisition Cost Building Land Land improvements Wehicles ME Prev Next > Check my work 1 1 and four vehicles, $124,800. Required: Part 1 of 2 10 points 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 $27000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation eBook Complete this question by entering your answers in the tabs below. Print Required 1A Required 10 Required 2 Required Allocate the lump sum purchase price to the separate assets purchased. References Allocation of Total Appraised Cost Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost Building Land Land improvements Vehicles Total % ols $ o Required) KW Prev 1 of 2 III Next > Check my work v. 1 Required information Part 1 of 2 Required 1A Required 18 Required 2 Required 3 10 points Prepare the journal entry to record the purchase. View transaction list ebook Journal entry worksheet Record the costs of lump-sum purchase. References Note: Enter den before credits Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal ME GEN Prev 2 Navt Seved Help Chapter 8 Check my w 1 (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 $900,000. The estimated market values of the purchased assets are building. $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. Part 1 of 2 10 points 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 $27,000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. eBook Print Complete this question by entering your answers in the tabs below. References Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $27,000 salvage value Depreciation expense on building ME Graw Hill 1 RYHLUT 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 $900,000. The estimated market values of the purchased assets are building. $508,800; land, $297,600; land improvements, $28,800: and four vehicles, $124,800. Part 1 of 2 10 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 $27,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation eBook Print Complete this question by entering your answers in the tabs below. References Required 1A Required 18 Required 2 Required 3 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