k Chapter 8 Part 1 Sayed Required information 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 $810,000. The estimated market values of the purchased assets are building. $502,350, land, $325,050; land improvements, $59,100; and four vehicles. $98,500. 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 $29,000 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 cost Appraised Value Percent of Total Annralsed Value Appraised Value Total cost of Acquisition Apportioned Cost Building S 810,000 1 % X $ 810.000 | X Land Land improvements Vehicles Total S0 % % % $ 810.000 810,000 X S 0 (Required 1A Required 1B > Chapter 8 Part 1 Help Required information 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 $29,000 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 Prepare the Journal entry to record the purchase. View transaction list Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits General Journal Debit Credit Date Jan 01 ork Chapter 8 Part 1 Seved Required information (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 $810,000. The estimated market values of the purchased assets are building. $502,350, land, $325,050, land improvements, $59,100, and four vehicles. $98,500. 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 $29,000 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 18 Required 2 Required 3 Compute the first year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $29,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building Homework Chapter 8 Part 1 Saved Required information 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 $810,000. The estimated market values of the purchased assets are building, $502,350, land, $325,050, land improvements, $59.100, and four vehicles. $98,500. points Required: eBook 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 $29,0 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation References Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation. Depreciation expense on land improvements
