Required information Allocation of purchase price Appraised Value Percent of Tota! Appraised Value Total cost of acquisition 11 Apportioned Cost S X X Land Building 2 Land Improvements 1 Totais 1,799,500 701,500 549,000 3,050,000 $ 2,700,000 2,700,000 2,700,000 X #1 s 0% $ 0 Land Building 2 Building 3 Land Improvements 1 Land Improvements 2 Purchase Price Demolition Land grading New building (Construction cost) New improvements Totals S S 0 $ 0 $ 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciat in use View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Note: Enter debits before credits. Date General Journal Dec 31 Debit Credit Required information Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 required formation View transaction list Journal entry worksheet 1 2 3 Record the year-end adjusting entry for the depreciation expense of Land Improvements 2 Note: Enter debits before credits General Journal Date Dec 31 Debit Credit