Timberly Construction makes a lump sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building. $455,700, land, $288,300; land improvements. $55,800 and four vehicles, $130.200. 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-line method, assuming a 15-year life and a $29,000 salvage value. 3. Compute the first-year depreciation expense or 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 1A Required 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost Allocation of total cost Building Land Land improvements Vehicles Total 1 X X % Riquet Required 18 > LUME 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-de- depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet 1 Record the costs of lump-sum purchase. Note: Enter debits before credits Date General Journal Debit Credit Jan 01 Record entry Clear entry View general Journal Required information [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 estimated market values of the purchased assets are building, $455,700 land. $288.300: land improve and four vehicles. $130,200. 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-line method, assuming a 15- salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life $29,000 salvage value. (Round your answer to the nearest whole dollar) Depreciation expense on building [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 cast estimated market values of the purchased assets are building, $455,700; land, $288,300; land ir and four vehicles, $130,200. 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-line method, assuming salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 1 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double- depreciation. Depreciation expense on land improvements
