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, $441,600; land, $266,800; land improvements, $27,600; and four vehicles, $184,000. Problem 8-1A 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-line method, assuming a 15-year life and a $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Appraised Value Allocation of total cost Building Land Land improvements Vehicles Total $ 441,600 266,800 27,600 Percent of Total Appraised Value 46 % 30 % 7 % 17 % 100 % Total cost of Acquisition $ 850,000 850,000 $ 850,000 Apportioned Cost $ 391,000 255,000 59,500 $ X X $ 850,000 184,000 $ 920,000 144,500 850,000 $ 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, $441,600; land, $266,800; land improvements, $27,600; and four vehicles, $184,000. Problem 8-1A 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-line method, assuming a 15-year life and a $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Answer is complete but not entirely correct. 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. No General Journal Credit Date Jan 01 1 Building Land Land improvements Vehicles Cash Debit 391,000 255,000 59,500 144,500 >IS 850,000 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, $441,600; land, $266,800; land improvements, $27,600; and four vehicles, $184,000. Problem 8-1A 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-line method, assuming a 15-year life and a $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 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. (Round your answer to the nearest whole dollar.) Depreciation expense on building $ 24,200 X 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, $441,600; land, $266,800; land improvements, $27,600; and four vehicles, $184,000. Problem 8-1A 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-line method, assuming a 15-year life and a $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Depreciation expense on land improvements $ 23,800