Vector Enterprises arranged to purchase several assets from a business who was planning to change locations. They completed the purchase on August 31, 2022, for a total cash price of $999,410. Assets acquired included a garage with land, various land improvements and an old truck. The estimated fair market values of the assets were: garage $624,260; land $335,349; land improvements $107,264; truck, $19,443. The company has a December 31 year-end. REQUIRED: 1. 2. 3. 4. Prepare a schedule to allocate the lump-sum purchase price to separate assets that were purchased. Also present the general journal entry to record the purchase. Calculate the 2023 depreciation expense on the garage using the straight-line method and assuming a 14-year life and a $39,572 salvage value. Calculate the 2022 depreciation expense on the land improvements assuming a 7-year life and double-declining-balance method. The truck is expected to last 5 years and have a salvage value of $3,119. Prepare a schedule showing each year's depreciation on the truck, assuming (a) 5-year straight-line depreciation and (b) double-declining-balance depreciation.