Problem 10-1A Plant asset costs; depreciation methods LO C1, P1 Timberly Construction negotiates a lump sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $810 000 for a budding, land, and improvements, and four vehicles. The estimated market values of the assets are building. $477,500;land, $305,600; land Improvements, $57,300, and four vehicles, $114,600. 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. Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $28 000 salvage value. 3. Compute the depreciation expense for year 2017 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 Required Required Required 1B A Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Allocation of Appraised total cost Value x Percent of Total Appraised Value 1% 1% Total cost Apportion of Apportion Acquisition Cost X x Building Land Land improvements Vehicles x 1% 0% $ 0 Required 1A Required 1B >