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 $810,000. The estimated market values of the purchased assets are building $534,600; land, $287100, land improvements, $49,500, and four vehicles, $118.800 Problem 10-1A Part 1-3 Required: 1-o. Allocate the lump-Gum 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 531,000 salvage value 3. Campute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-batance depreciation Complete this question by entering your answers in the tabs below. Recured Allocate the lumpsum purchase price to the separate assets purchased Apps ailed Allocano COST bado percent of Tota Yotal cost of Acquisition Apportioned Cost Vesh 3 5 O Required 18> Required information 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 1A Required 15 Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction ist Journal entry worksheet 1 Record the costs of lump-sum purchase. General Joma Credit Jan 01 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 $810,000. The estimated market values of the purchased assets are building. $534 600, land, $287100, land improvements, $49,500, and four vehicles $118,800 Problem 10-1A Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-5. 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. quired 1A Required 18 Required 2 Required a Compute the first year depreciation expense on the building using the straight-line method, assuming a 15-year life and a 331.000 salvage value. (Hound your answer to the nearest whole dollar) Dann bylling Required information Problem 10-1A Plant asset costs; depreciation methods LO C1, P1 The folewing 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 $810,000. The estimated market values of the purchased assets are building. $534,600, land $287100, land improvements, $49,500, and tour vehicles, $118.800 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 2. Compite 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. would ta Required in Hequired 2 Required 3 Compute the first year depreciation expense on the land improvements assuming a five year life and double-declining balance depredavon