TUJUPLIRIJUTJU... SIN selvi elearning Yahoo Mail The American YawpG 3-CH 7-9 Saved 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, 2017, at a total cash price of $830,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $506,000, land, $248.400; land improvements, $55,200, and four vehicles, $110,400. 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 $32,000 salvage value. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining balance depreciation 00:44:07 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. Allocation of total COST Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost $ 55 299 % X S 830.000 Building Land Land improvements Vehicles Total S 5 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 ere to search HA A estimated market values of the assets are building, $506,000, land, $218.400, land improvements, $55,200, and four vehicles. $110,400. 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 $32,000 salvage value 3. Compute the depreciation expense for year 2017 on the land Improvements assuming a five-year life and double declining-balance depreciation 0:4321 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 flie-year life and double-declining- balance depreciation. Depreciation expense on and improvements ype here to search