Required information Problem 8-1A (Algo) 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, $499,800; land, $294,000; land improvements, $49,000; and four vehicles, $137,200. Problem 8-1A (Algo) 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. Required 1A Required 1B Required 2 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost ces Estimated Market Value Percent of Total Building % Land Land improvements Vehicles Total % % x x x x Total cost of Apportioned Acquisition Cost $ 0 $ 0 0% Required 1A Required 1B > tx Question 1-ChB Gr x accounts.mheducatx Exercises McGraw-Hill Connect tomheducation.com/ext/map/index.htm? conscon&external browser=0&launchurishttps%253A%252F%252Fim Bookmarks Working Gmail Mape YouTube Mall-Jeshua Ste ECU PiratePort Cana ded HWO 302 Required Information Journal entry worksheet Mecord the costs of lump-sum purchase. Saver Cate January 01 General Journal Oct Credit 36302 3 4 Clearandry View al Prev 15 Next >> atructions.docx DSC_EX365 202 Madlow Po Search or type URL 210 W E R T Y NO . 7 B J S D F G H J x H mmand C > B N M Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 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. (Round your answer to the nearest whole dollar.) Depreciation expense on building