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Problem 9-7A PPE costs; partial year's depreciation; alternative methods LO1,2,3 eXcel CHECK FIGURES: 2. $31,320; 3. $21,000 Logic Co. recently negotiated a lump-sum purch of business. The purchase was completed on March 1, 2017, at a total cash price of $1,260,000 a CHAPTER 9 Property. Plant and Equipment and Intangibles The estimated market valu 100, land improvements, $68,000, and vehicles, $176.8 included a building, land, certain land improvements, and 12 vehicles. the assets were building, $652,800; land, $462,400; land improvements The company's fiscal year ends on December 31. Required 1. Prepare a schedule to allocate the lump-sum purchase price to the sepa $462,4 chased. Also present the journal entry to record the purchase. 2. Calculate the 2017 depreciation expense on the building using the straig est whole month, assuming a 15-year life and a $41,040 residual value culate the 2017 depreciation expense on the land improvements assuming a five-year life, residual, and double-declining-balance depreciation calculated to the nearest whole 3. Cal month. Analysis Component: Assum 23, 2017. Would this affect your answers in parts 2 and 3 above? Explain. e the assets purchased on March 1, 2017, were not put into service until May Re