The problem consists of 4 parts... Thank you very much!

Problem 10-1A Plant asset costs; depreciation methods C1 P1 Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $900,000. The estimated market values of the purchased assets are building, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. Required 1. Allocate the lump-sum purchase price to the separate assets purchased. 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 $27,000 salvage value. Check (2) $30,000 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. (3) $10,800 Analysis Component 4. Compared to straight-line depreciation, does accelerated depreciation result in payment of less total taxes over the asset's life? B C Estimated Market Value $508,800 297,600 28,800 124,800 A 1 Part 1 2 3 Building 4 Land 5 Land improvements 6 Vehicles 7 Total 8 9 10 11 12 13 14 15 16 17 Part 4 18 Write your answer for part 4 below 19 20 21 22 23 24 25 26 27 28 D Percent of Total This column should add to 100% $960,000 E Apportioned Cost This one should add to the total purchase price of $900,000 F G H I Part 1 continued Write your journal entry here 1-Jan K L N Q Debit Credit Part 2 Show calculations here for straight-line depreciation on the building Part 3 Show calculations here for first-year double-declining balance depreciation on land improvements J M O P