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help would be greatly appreciated thanks :) Timberly Construction makes a lump sum purchase of several assets on January 1 at a total cash price
help would be greatly appreciated thanks :)
Timberly Construction makes a lump sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building. $479,400; land, $244.400: land improvements, $75.200. and four vehicles. $141.000. Allocate the lump-sum purchase price to the separate assets purchased. eBook Allocation of total cost Appraised Value Total cost of Acquisition Apportioned Cost Percent of Total Appraised Value % Print x oferences x Building Land Land improvements Vehicles Total % % X % 0 % $ 0 Record the costs of lump-sum purchase. Note: Enter debits before credits Date General Journal Debit Credit Jan 01 Required 1A Required 1B Required 2 Required 3 oncen 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. (Round your answer to the nearest whole dollar.) Depreciation expense on building Required 1A Required 1B Required 2 Required nicos Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation. Depreciation owpense on land improvements Step by Step Solution
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