Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2013, at a total cash price of $840,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $498,200; land, $291,400; land improvements, $37,600; and four vehicles, $112,800. The companys fiscal year ends on December 31.

Check my work Problem 10-1A Plant asset costs; depreciation methods LO c1, P1 negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase 192 points s completed on January 1,2017, at a total cash price of $840,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $498.200, land, $291,400 land improvements, $37,600, and four vehicles 112800. The company's fiscal year ends on December 31 eook Required: 1-e. Prepare a table to allocate the lump-sum purchase price to the separate assets Print 1-b. Prepare the journal entry to record the purchase $28,000 salvage value depreciation 2 Compute the depreciation expense for year 2017 on the building using the straight line method, assuming a 15 year life and a I Compute the depreciation expfnse for References year 2017 on the land improvements assuming a five-year life and double-declining-balance Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required s Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Allocation of total Appraised Percent of TotalTotal cost of Apportioned of 13E Next >