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Problem 8 - 1 A ( Algo ) Part 1 - 3 Required: 1 - a . Allocate the lump - sum purchase price to

Problem 8-1A (Algo) Part 1-3
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.
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