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Help solving Timberly Construction negotiates a lump-sum purchase of several assets from a company that is golng out of business. The purchase is completed on

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Timberly Construction negotiates a lump-sum purchase of several assets from a company that is golng out of business. The purchase is completed on January 1, 2017, at a total cash price of $900,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $508,800; land, $297600; land improvements, $28,800; and four vehicles, $124,800. The company's fiscal year ends on December 31 Required: 1-a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2 Compoute the depreciation expense for year 2017 on the building using the straight-ine method, assuming a 15-yer life and a $27,000 salvage value. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five- year lif and do balance depreciation

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