Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [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 $820,000. The estimated market values of the purchased assets are building, $443,250; land, $305,350; land improvements, $39,400; and four vehicles, $197,000. 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 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. Allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase. Journal entry worksheet rove: Enter mets nerore creats. 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 15y ear 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. Compute the first-year depredation expense on the building using the straight-line method, assuming a 15-year life and a 529,000 salvage value. (Round your answer to the nearest whole dollar.) 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. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [The following information applies to the questions displayed beiow.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are buliding, $443,250; land, $305,350; land improvements, $39,400; and four vehicles, $197,000. Problem 8-1A (Algo) Part 4 4. Compared to stralght-line depreciation, does accelerated depreciation result in payment of less total taxes over the asset's life? Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [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 $820,000. The estimated market values of the purchased assets are building, $443,250; land, $305,350; land improvements, $39,400; and four vehicles, $197,000. 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 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. Allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase. Journal entry worksheet rove: Enter mets nerore creats. 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 15y ear 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. Compute the first-year depredation expense on the building using the straight-line method, assuming a 15-year life and a 529,000 salvage value. (Round your answer to the nearest whole dollar.) 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. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [The following information applies to the questions displayed beiow.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are buliding, $443,250; land, $305,350; land improvements, $39,400; and four vehicles, $197,000. Problem 8-1A (Algo) Part 4 4. Compared to stralght-line depreciation, does accelerated depreciation result in payment of less total taxes over the asset's life