Required information [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, $479,400; land, $263,200: land improvements, $75,200 and four vehicles, $122,200. 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 10 Required 2 Required 3 Allocate the lump sum purchase price to the separate assets purchased. Appraised Valte Total cost of Acquisition Apportioned Cost Percent of Total Appealsed Value 471 2815 5 Allocation of total COST Building Land Land improvements Vehicles Total X 470.400 263.200 75,200 122.200 540,000 $.810,000 $ 310,000 $310.000 $ 310,000 X X 171 100% 5 $ 0 Required 18 > [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, $479,400, land, $263,200 land improvements, $75,200, and four vehicles, $122.200. Required: 1-0. 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 18 Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet > 1 Record the costs of lump sum purchase Se debits before and Dehit Credit General Journal Date Jan 01 View general Journal Record entry Clear entry Next De 0 Required information 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, $479,400; land, $263 200 land improvements, $75 200 and four vehicles, $122 200 Required: 1-o. 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 IA Required 10 Required 2 Required Compute the test year depreciation expense on the building using the straight line method, assuming a 15 year wife and a $31.000 salvage value. Cound your answer to the nearest whole dolar) Required information [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, $479,400; land, $263,200; land improvements, $75,200 and four vehicles. $122.200 Required: 1-0. 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. 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 LA Required 15 Required 2 Required Compute the first year depreciation expense on the land improvements assoming a five-year life and double-declining balance depreciation