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Required information

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Timberly Construction makes a lump$-$sum purchase of several assets on January $1$ at a total cash price of $$820,000.$ The estimated market values of the purchased assets are building, $$463,200$; land, $$270,200$; land improvements, $$67,550$; and four vehicles, $$164,050.$

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 $$29,000$ 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 $1$B

Required $2$

Allocate the lump$-$sum purchase price to the separate assets purchased.

$\backslash$table$[[\backslash$table$[[$Allocation of total$],[$cost$]],\backslash$table$[[$Estimated$],[$Market Value$]],$Percent of Total,$,\backslash$table$[[$Total cost of$],[$Acquisition$]],\backslash$table$[[$Apportioned$],[$Cost$]]],[$Building$,$$$463,200,51,\%,,$$$965,000,],[$Land$,270,200,28,\%,,$$$965,000,],[$Land improvements,$67,550,8,\%,,$$$965,000,],[$Vehicles$,164,050,13,\%,,$$$965,000,],[$Total$,$$$565,000,100,\%,,,]]$