Required information Problem 10-1A Plant asset costs; depreciation methods LO C1, P1 [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 $820,000. The estimated market values of the purchased assets are building. $453.100 land, $285,650, land improvements, $29,550; and four vehicles. $216700 Problem 10-1A Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased 1-b. Prepare the journal entry to record the purchase 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage 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 information 1-a. Allocate the lump-sum purchase price to the separate assets purchased 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,00 salvage 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 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Total cost of Acquisition Apportioned Cost $ X $ Building Land Land improvements Vehicles Total 453 100 285 650 29 550 216.700 985,000 Percent of Total Appraised Value 46% 29% 31% 221% 100% XX $ 820 000 $ 820,000 5 820.000 $ 820,000 377 200 237 800 24.600 180 400 820.000 X $ $ Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction list View Journal entry worksheet No Dato General Journal Credit 1 Jan 01 Building Land Land Improvements Vehicles Cash Debit 377.200 237,800 24.600 180,400 820,000 uy L 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 18 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 $31,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expertise on building $ 29.733 Required information uyuru 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation ped Complete this question by entering your answers in the tabs below. sook Tint Required 1A Required 18 Required 2 Rdquired 3 Compute the first year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation ences Depreciation expense on land improvements 2.560 Required 2 Repaired 3 >
