Problems 0 Saved Help 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 $830,000. The estimated market values of the purchased assets are building, $487,550, land, $288,550, land improvements, $59,700, and four vehicles, $159,200. equired: a. Allocate the lump-sum purchase price to the separate assets purchased. -b. Prepare the journal entry to record the purchase. - Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $28. alvage 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 Appraised Percent of Total Total cost of Apportioned Prex 12 of 3 !! Score answer > Class Problems Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does ng Required information Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Percent of Total Appraised Value Apportioned Cost Building Land Land improvements Vehicles Total Appraised Value $ 487,550 288,550 59,700 159,200 995,000 Total cost of Acquisition $ 830,000 830,000 830,000 830,000 Required 1B > Prex 12 of 3 Score answer > Required information Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits General Journal Debit Credit Date Jan 01 Record entry Clear entry View general journal Prev 1 2 of 3 ! Score answer > Required information u. Trepale ure JUUNNIOI CR y W ICLUIU e purchase. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 10 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 $28,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building Required information . . 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balu depreciation 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 (Required 2
