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. $534,600; land, $326,700, land improvements, $69,300, and four vehicles. $59,400. 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-deckning-balance depreciation Complete this question by entering your answers in the tabs below. Required LA Required 18 Required 2 Required Allocate the lump-sum purchase price to the separate assets purchased. Appraised Value Total cost of Acquisition Apportioned Cost Allocation of total cos Building Land Land improvements Vehicles Total Percent of Total Appraised Value * % % X X R18 > Seved 5 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, $326,700; land improvements, $69,300; and four vehicles, $59,400. 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 LA Required 10 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 Notte det bore credits Det General Journal Date Credit Jan 01 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, $534,600; land, $326,700; land improvements, $69,300; and four vehicles, $59.400 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 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 $29,000 salvage value. (Round your answer to the nearest whole dollar) Depreciation expense on building (Required 18 Required 3 > Required information (The following information applies 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. $326,700, land improvements, $69.300 and four vehicles, $59,400, 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 16 Required 2 Required) Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining. balance depreciation Depreciation expense on and improvements
