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, $481,000 land, $286,750 land improvements, $64,750 and four vehicles, $92,500 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 $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 Allocate the lump sum purchase price to the separate assets purchased Prepare the journal entry to record the purchase Journal entry worksheet Note Enter debits before credits 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 $850,000 The estimated market values of the purchased assets are building, $481,000 land, $286,750 land improvements, $64,750 and four vehicles, $92,500 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 $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 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 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 $850,000 The estimated market values of the purchased assets are building, $481,000 land, $286,750 land improvements, $64,750 and four vehicles, $92,500 Required a Allocate the lump sum purchase price to the separate assets purchased 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 $31,000 alvage 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 land improvements assuming a five year life and double declining balance depreciation

Question

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, $481,000  land, $286,750  land improvements, $64,750  and four vehicles, $92,500  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 $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  Allocate the lump sum purchase price to the separate assets purchased  Prepare the journal entry to record the purchase  Journal entry worksheet Note  Enter debits before credits  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 $850,000  The estimated market values of the purchased assets are building, $481,000  land, $286,750  land improvements, $64,750  and four vehicles, $92,500  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 $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  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  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 $850,000  The estimated market values of the purchased assets are building, $481,000  land, $286,750  land improvements, $64,750  and four vehicles, $92,500  Required   a  Allocate the lump sum purchase price to the separate assets purchased   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 $31,000 alvage 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 land improvements assuming a five year life and double declining balance depreciation

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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