Required 1a,1b,2,and 3

Che 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 $810,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $441,600; land, $248,400; land improvements, $55,200; and four vehicles $174,800. 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 2017 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 2017 on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs belovw Required 1A Required 1B Required 2 Required 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Allocation of totalAppraised Percent of Total x Total cost of |Apportioned Value Appraised Value Acquisition Cost cost Prev 1012 Next > re to search