Timberly Construction negotlates a lump-sum purchase of several assets from a company that is golng out of business. The purchase is completed on January 1, 2017, at a total cash price of $810,000 for a bullding, land, land Improvements, and four vehicles. The estlmated market values of the assets are bullding, $487600; land, $248,400; land Improvements, $27,600; and four vehlcles, $156,400. The company's fiscal year ends on December 31. Requirec 1-a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase 2. Compute the depreclation expense for year 2017 on the bulding using the stralght-line method, assuming a 15-year life and a $29,000 salvage value 3. Compute the depreclation expense for year 2017 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 Required 1A Required 1B Required 2 Required 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased llocation of total A Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned cost Cost Building Land Land improveme Vehicles Total 5 487.600 248,400 27,600 156.400 920,000 53 %x nts 53 | 96 Required 1A Required1B > Timberly Construction negotlates a lump-sum purchase of several assets from a company that is golng out of business. The purchase Is completed on January 1, 2017, at a total cash price of $810,000 for a bullding, land, land Improvements, and four vehicles. The estimated market values of the assets are building, $487,600; land, $248,400; land Improvements, $27,600; and four vehicles, $156,400. The company's fiscal year ends on December 31. Requlrec 1-a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the Journal entry to record the purchase 2. Compute the depreclation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $29,000 salvage value. 3. Compute the depreclation expense for year 2017 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 Required 1A Required 1Required 2 Required 3 Prepare the journal entry to record the purchase View transaction list Journal entry worksheet Record the costs of lump-sum purchase Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal Required 1A Required2 > Timberly Construction negotiates a lump-sum purchase of several assets from a company that is golng out of business. The purchase is completed on January 1, 2017, at a total cash price of $810,000 for a bullding, land, land Improvements, and four vehicles. The estimated market values of the assets are building. $487,600; land, $248,400; land Improvements, $27,600; and four vehicles, $156,400. The company's fiscal year ends on December 31. Required -a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the Journal entry to record the purchase. 2. Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a 29,000 salvage value. 3. Compute the depreclation expense for year 2017 on the land Improvements assuming a five-year lfe and double-declining-balance depreclation Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $29,000 salvage value. (Round your answers to the nearest whole dollar.) Depreciation expense on building Required 1B Required 3> Timberly Construction negotiates a lump-sum purchase of several assets from a company that is golng out of business. The purchase is completed on January 1, 2017, at a total cash price of $810,000 for a bullding, land, land improvements, and four vehicles. The estimated market values of the assets are bulding, $487600; land, $248,400; land Improvements, $27,600; and four vehicles, $156,400. The company's fiscal year ends on December 31. Required 1-a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the Journal entry to record the purchase. 2. Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $29,000 salvage value. 3. Compute the depreclation expense for year 2017 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 Required 1A Required 1B Required 2 Required 3 Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining- balance depreciation epreciation expense on land improvements K Required 2 Required3