es Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building, $537,300; land, $318,400; land improvements, $39,800; and four vehicles, $99,500.. 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-he method, assuming a 15-year life and a $32,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Total cost of Acquisition Building Land Land improvements Vehicles Total Estimated Market Value Percent of Total % % % % % x X X x < Required 1A Apportioned Cost Required 1B >

LAR Corp. purchased a commercial range by paying cash of $13,500. The range's fair value on the date of the purchase was $14,000. The company incurred $600 in transportation costs, $400 installation fees, and paid $500 annual insurance on the equipment.  For what amount will LAR record the range?   Select one: a. $14,500 b. $15,500 c. $13,500 d. $15,000 e. $14,000

Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $514,100; land, $329,800; land improvements, $48,500; and four vehicles, $77,600. Allocate the lump-sum purchase price to the separate assets purchased.

Lexington Garden Supply paid $160,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $85,000, the building $51,000, and the equipment $34,000. Journalize the lump-sum purchase of the three assets for a total cost of $160,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

Pitney Company purchased an office building, land, and furniture for $631,100 cash. The appraised value of the assets was as follows. Land Building Furniture Total $ 84,820 261,528 360,484 $ 706,832 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase.

Turpen Corporation purchased a large forest for $13,000,000 on January 1, 2023. Turpen Corporation estimates that 4,000,000 board feet (BF) of Sumber can be harvested, After 10 years, Turpen Corporation will sell the land and expects it to be worth $3,000,000 Required al Prepare the journal entry to record the purchase of the forest Do not enter dollar.sions.or.commes in the input boxes Date: Account Title and Explanation Debit Record the purchase of the forest b) Calculate the depletion rate for each board foot to be extracted Round your answers to 2 decimal places. Unit Cost Der board foot = Dec 31 c) During the current year, the company harvested and sold 500,000 board feet. Prepare the journal entry to record the harvesting on December 31, 2023 Bound your answers to the nearest whole number. Date Account Title and Explanation Record depletion for the year • Credit Debit Credit

Pitney Company purchased an office building, land, and furniture for $728,100 cash. The appraised value of the assets was as follows. $ 138,630 195,713 481,128 $ 815,472 Land Building Furniture Total Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Allocated Cost Land Building Furniture Total

Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $164,000; land improvements are appraised at $82,000; and the building is appraised at $164,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2

Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $972,500 cash. The land was appraised at $257, 226 and the building at $861, 149. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format.

Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00