[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 $820,000. The estimated market values of the purchased assets are building. $446,400, land, $288,300: land improvements, $46,500, and four vehicles. $148,800. Problem 10-1A Part 1-3 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-ine 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 ces Complete this question by entering your answers in the tabs below. Required LA Required 10 Required Required Allocate the lumpsum purchase price to the separate assets purchased Allocation of total cost Appraised Value Percent of Total Appraised Value Total cost of Acquisition Appartioned Cost X Building Land Land improvements Vehicles Tots od 18> Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building. $446,400, land, $288.300, land improvements, $46,500: and four vehicles, $148,800 Problem 10-1A Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Propare 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 life and double-declining balance depreciation Complete this question by entering your answers in the tabs below. Required A Required 10 Required 2 Required a Prepare the journal entry to record the purchase View traction Journal entry worksheet 1 Record the costs of lump-sum purchase ncYUCU BOLE Problem 10-1A Plant asset costs; depreciation mett LO CI, P1 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 $820,000. The estimated market values of the purchased assets are building, 5446,400, land. $288.300, land improvements, $46,500; and four vehicles. $148,800. Problem 10-1A Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-5. 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 life and double-declining-balance depreciation Complete this question by entering your answers in the tabs below. Required LA Required 10 Required Required Compute the first year depreciation expense on the building using the straighe-line method, assuming a 15-year life and a $31.000 salvage value (Round your answer to the nearest Whole dolet) Depreciation expense on building OYUNCU MIRATION Problem 10-1A Plant asset costs; depreciation methods LO C1, P1 The following information applies to the questions displayed bew] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building. $446,400, land, $288,300, land improvements. $46,500 and four vehicles. $148,800, Problem 10-1A Part 1-3 Required: 1a Allocate the lump-sum purchase price to the separate assets purchased 1-5. Prepare the journal entry to record the purchase. 2. Compute the first year depreciation expense on the building using the stratght-line method, assuming a 15-year life and a $31,000 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 Required 10 Required 2 Required Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-dedining-balance depreciation Depreciation expense on land improvements