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Connect Homework - Chapter 8 Saved Help Save & Exit Submit 5 Required information Problem 8-1A Plant asset costs; depreciation methods LO C1, P1 The following information applies to the questions displayed below Part 1 of 2 Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $850,00o. The estimated market values of the purchased assets are building, $497,500; land, $328,350; land improvements, $49,750; and four vehicles, $119,400 1 points Problem 8-1A Part 1-3 eBook Print Required: References 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 $30,000 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. end A nd 10 Daulend Dalend Connect Homework - Chapter 8 Submit Saved Help Save & Exit He au a aJu.UU 3aivaue vaiue Required information Complete this question by entering your answers in the tabs below. Part 1 of 2 Required 2 Required 1A Required 3 Required 18 Allocate the lump-sum purchase price to the separate assets purchased. 1 points Allocation of total Appraised Value Percent of Total Total cost of Apportioned Cost cost Appraised Value Acquisition eBook Building Land Land improvements % Print x |% % % x References Vehicles Total Required 1B Required 1A LO Connect Homework Chapter 8 Saved Help Save & Exit Submit Required information Required 1A Required 18 Required 2 Required 3 Prepare the journal entry to record the purchase. Part 1 of 2 View transaction list 1 points Journal entry worksheet > eBook Print Record the costs of lump-sum purchase References Note: Enter debits before credits. Debit Date General Journal Credit Jan 01 Connect Homework Chapter 8 Saved Help Save & Exit Submit PTenare ne iournaI entry ro rernrn rne nurcnase. Required information 5 Journal entry worksheet Part 1 of 2 Record the costs of lump-sum purchase. 1 points Note: Enter debits before credits. eBook Date General Journal Debit Credit Print Jan 01 References Record entry clear entry View general journal Connect Homework - Chapter 8 Saved Help Save & Exit Submit Required information 5 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 $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double- Part 1 of 2 declining-balance depreciation. 1 Complete this question by entering your answers in the tabs below. points eBook Required 1A Required 3 Required 1B Required 2 Print Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. (Round your answer to the nearest whole dollar.) References Depreciation expense on building Required 18 Required 3 Connect Homework Chapter 8 Saved Help Save & Exit Submit Required information 5 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 $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double- declining-balance depreciation. Part 1 of 2 Complete this question by entering your answers in the tabs below. points eBook Required 1A Required 18 Required 2 Required 3 Print Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation References Depreciation expense on land improvements
