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help solve 1 & the other question just need help on 6 is it right if not what is the answer Required information Problem 8-1A

help solve 1 & the other question just need help on 6 is it right if not what is the answer
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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 $840,000. The estimated market values of the purchased assets are building, $437,100; land, $288.300; land Improvements, $65,100; and four vehicles, $139,500. 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 $31,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance donorintinn Problem 8-4A Computing and revising depreciation; revenue and capital expenditures LO C1, C2, C3 Champion Contractors completed the following transactions involving equipment Year 1 Jan. 1 Paid $302,000 cash plus $12,080 in sales tax and $1,800 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $30,200 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $7,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $2,100. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,300 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,075 for minor repairs to the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. View transaction list View journal entry worksheet Debit Credit General Journal No Date No Data General Journal Debit Credit 1 Jan 1, Year 1 315,880 Equipment Cash 315,880 2 Jan 3, Year 1 7,000 Equipment Cash 7,000 3 Dec 31, Year 1 72,645 Depreciation expense-Equipment Accumulated depreciation ---Equipment 72,645 4 Jan 1. Year 2 4,300 Equipment Cash 4,300 1,075 5 Feb 17. Year 2 Repairs expense-Equipment Cash 1,075 224,900 6 Dec 31, Year 2 Depreciation expense-Equipment Accumulated depreciation Equipment 224,900

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