$[$The following information applies to the questions displayed below.$]$ Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Required $1$A$,$Required $1$B$,$Required $2,$Required $3,,,],[$Allocate the lump$-$sum purchase price to the separate assets purchased.$],[\backslash$table$[[$Allocation of total$],[$cost$]],\backslash$table$[[$Estimated$],[$Market Value$]],$Percent of Total,$\backslash$table$[[,\backslash$table$[[$Total cost of$],[$Acquisition$]],\backslash$table$[[$Apportioned$],[$Cost$]],,,,,,,],[$Building$,49.,0,300,,55,\%,,,$$$,445,500],[$Land$,,,,,,\%,$x$,,,],[$Land improvemen,,,,,,$\%,\backslash$times $,,,],[$Vehicles$,,,,,,\%,\backslash$times $,,,],[$Total$,,49,0,300,,,\%,,,$$$,445,500]],,,]]$

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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 bullding using the straight$-$line method, assuming a $15-$year life and a $$28,000$

$2.$ Compute the.

$3.$ 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 $1$A Required $18$ Required $2$ Required $3$

Compute the first$-$year depreciation expense on the bullding using the straight$-$line method, assuming a $15-$year life and a $$28,000$ salvage value. $($Round your answer to the nearest whole dollar.$)$

Depreciation expense on bulding

Timberly Construction makes a lump$-$sum purchase of several assets on January $1$ at a total cash price of $$850,000.$ The

estimated market values of the purchased assets are building, $$490,000$; land, $$290,000$; land improvements, $$50,000$;

and four vehicles, $$170,000.$

Required:

$1-$a$.$ Allocate the lump$-$sum purchase price to the separate assets purchased.

$1-$b$.$ Prepare the journal entry to record the purchase.

Compute the first$-$year depreciation expense on the building using the straight$-$line method, assuming a $15-$year life and a $$28,000$

salvage value.

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.

Allocate the lump$-$sum purchase price to the separate assets purchased.

Estimated

cost

Market Value

Percent of Total

Total cost of

Apportioned

Acquisition

Cost