thank you!
Problem 8-1A Plant asset costs; depreciation methods LO C1, P1 Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2018. at a total cash price of $830.000 for a building. land, land improvements, and four vehicles. The estimated market values of the assets are building. $499.200: land, $288.000: land improvements, $57.600; and four vehicles. $115.200. The company's fiscal year ends on December 31. Required: 1-o. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the depreciation expense for year 2018 on the building using the straight-line method, assuming a 15-year life and a $30.000 salvage value. 3. Compute the depreciation expense for year 2018 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. Req 1A Req 1B Reg 2 Req 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Allocation of total Estimated Percent of cost Estimated Total cost of Apportioned Market Value Market Value Acquisition Cost Building 3 450,800 46 9% X Land 313,600 32 9% Land improvements 39.200 Vehicles 176.400 Total 980,000 100 56 S O Reg 18 >Check my work mode : This shows what is correct or incorrect for the work you have complete A Onslow Co. purchases a used machine for $144,000 cash on January 2 and readies it for use the next day at a $10,000 cost. On January 3, it is installed on a required operating platform costing $2,000, and it is further readied for operations. The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. Part 3 of 3 Problem 8-6A Part 3 0.85 points 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: (a) it is sold for $24,000 cash; (b) it is sold for $96,000 cash; and (c) it is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim. x Answer is complete but not entirely correct. No Date General Journal Debi Credit 1 Dec 31 Cash 24,000 Loss on sale of machinery 179,200 X Accumulated depreciation-Machinery 46,400 X Machinery 249,600 X 2 Dec. 31 Cash 96,000 Accumulated depreciation-Machinery 148,800 X Gain on sale of machinery 56,400 X Machinery 151,200 X 3 Dec 31 Cash 34,500 Loss from fire 5,100 X Accumulated depletion X 111,600 x Machinery 151,200 X raw
