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 bullding, $462,950; land, $285,650; land improvements, $68,950 : and four vehicles, $167,450. Required: 1-a. Alocate the lump-sum purchase price to the separate assets purchased. 1.b. Prepare the journal entry to record the purchase. 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 15year 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 alvage valu. depreciation. Complete this question by entering your answers in the tabs below. Alocate the lump-sum purchase price to the separate assets purchased. 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 o total cash price of $810,000. The estimated market values of the purchased assets are bulding, $462,950; land, $285,650; land improvements, $68,950; and four vehicles, $167,450. 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 buliding 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. Compute the first-year depreciation expense on the building using the straight-fine method, assuming a 15-year life and a 131,000 salvage value. Fote: Plound your answer to the nearest whole dollar. Required information [The following information applies to the questions displayed below.] Timberly Construction makes a lump-5um 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, $462,950; land, $285,650, land improvements, $68,950; and four vehicles, $167,450. 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 o 15 -year Mfe ond a $31,000 salvage value. 3. Compute the first-yoar 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. Compute the first-year depreciation expense on the land improvements assuming a five-year ife and double-declining. balance depreciation. 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 Mfe and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the purchase. Journal entry worksheet
