Help Save & Exit Required information Problem 8-1A Plant asset costs; depreciation methods LO C1, P1 (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 $820,000. The estimated market values of the purchased assets are building, $476,850; land, $252,450; land improvements, $56,100; and four vehicles, $149,600. Problem 8-1A Part 1-3 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 $32.000 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 Allocate the lump-sum purchase price to the separate assets purchased Allocation of total Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost 2 of 2 Next > Problem 8-1A Part 1-3 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 $32 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balanc depreciation. Complete this question by entering your answers in the tabs below. 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 Total cost of Acquisition Apportioned Cost Building Land Land improvements Vehicles Total % % % % X X X Required 18 ) Required information Required 1A Required 1B Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet