Req 1B: Record the cost of lump-sum purchase.

Req 2: Compute the depreciation expense for year 2018 on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. (Round your answer to the nearest whole dollar.)

Req 3: Compute the depreciation expense for year 2018 on the land improvements assuming a five-year life and double-declining-balance depreciation.

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, 2018, 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, $510,000; land, $330,000; land improvements, $60,000; and four vehicles, $100,000. 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 2018 on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. 3. Compute the depreciation expense for year 2018 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. Req 2 Req 1A Req 1B Req 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Percent of Estimated Market x Value Total cost of Apportioned Cost Allocation of total Estimated Market Value cost Acquisition Building % X Land Land % X % X improvements Vehicles X 0 % Total $ $ 0 0 Req 1A Req 1B