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 $810,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $481,950; land, $311,850; land improvements, $56,700; and four vehicles, $94,500. The company?s fiscal year ends on December 31.

Prepare a table to allocate the lump-sum purchase price to the separate assets purchased

Prepare the journal entry to record the purchase.