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, $448,850; land, $305,600; land improvements, $57,300; and four vehicles, $143,250. 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 $30,000 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 1A Required 1B Required 2 Allocate the lump-sum purchase price to the separate assets purchased. Total cost of Acquisition Allocation of total cost Building Land Land improvements Vehicles Total Required 3 Estimated Market Value Percent of Total X % do % do % % % X X X X

2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $30,000 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. Prepare the journal entry to record the purchase. Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits. Timberly Construction makes a lump-5um purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are buliding. $448,850; land, $305,600; land improvements, $57,300; and four vehicles, $143,250. 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 mothod, assuming a 15 -year life and a $30,000 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. Allocate the lump-sum purchase price to the separate assets purchased. 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 of $810,000. The estimated market values of the purchased assets are building. $448,850; land, $305,600; land improvements, $57,300; and four vehicles, $143,250. 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 $30,000 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. Compute the first-year depreciation expense on the bullding using the straight-line method, assuming a 15 -year life and a $30,000 salvage value. $30,000 salvage value. Note: Round your answer to the nearest whole dollar. 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 of $810,000. The estimated market values of the purchased assets are building, $448,850; land, $305,600; land improvements, $57,300; and four vehicles, $143,250. Required: 1-3. 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 $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreclation. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining: balance depreciation. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $30,000 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. Prepare the journal entry to record the purchase. Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits. Timberly Construction makes a lump-5um purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are buliding. $448,850; land, $305,600; land improvements, $57,300; and four vehicles, $143,250. 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 mothod, assuming a 15 -year life and a $30,000 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. Allocate the lump-sum purchase price to the separate assets purchased. 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 of $810,000. The estimated market values of the purchased assets are building. $448,850; land, $305,600; land improvements, $57,300; and four vehicles, $143,250. 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 $30,000 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. Compute the first-year depreciation expense on the bullding using the straight-line method, assuming a 15 -year life and a $30,000 salvage value. $30,000 salvage value. Note: Round your answer to the nearest whole dollar. 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 of $810,000. The estimated market values of the purchased assets are building, $448,850; land, $305,600; land improvements, $57,300; and four vehicles, $143,250. Required: 1-3. 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 $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreclation. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining: balance depreciation