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Required information [The following information applies to the questions displayed below.) Timberly Construction makes a lump-sum...

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Required information [The following information applies to the questions displayed below.) Timberly Construction makes a lump
Required information [The following information applies to the questions displayed below.) Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $850,000. The estimated market values of the purchased assets are building, $448,500; land, $273,000; land improvements, $78,000; and four vehicles, $175,500. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.

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norll? Answer Building Da) prepare a table to allocate the lumpsum purchase price to the separate assets purchased ogone part:b) Joional Entry Rate Account & toplanation Journal Entry Date Account Explanation Debit Credit debit credit 27,200 27,200 B

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