Problem 8-1A Plant asset costs; depreciation methods LO C1, P 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 $840,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $466,650; land, $256,200; land improvements, $27,450; and four vehicles $164,700. 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 depreclation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining-balance depreclation. Complete this question by entering your answers in the tabs below LA 18 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Allocation of total App t of Total Appraised Value Total cost of Acquisitiorn App cost Value Cost Required 1B> 1 of 6 Next >