Please complete all partsdo not give solution in image format nequieu nouv[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. Theestimated market values of the purchased assets are building, $490,000; land, $290,000; land improvements, $50,000;and four vehicles, $170,000.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 $28,000salvage value.3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balancedepreciation.Complete this question by entering your answers in the tabs below.Required 1A Required 18 Required 2 Required 3Allocate the lump-sum purchase price to the separate assets purchased.Allocation of totalcostTotal cost ofAcquisitionEstimatedMarket ValuePercent of TotalApportionedCost Complete this question by entering your answers in the tabs below.Required 1A Required 1BAllocation of totalcostAllocate the lump-sum purchase price to the separate assets purchased.BuildingLandLand improvementsVehiclesTotalJanuary 01DateGeneral JournalRequired 2Show Transcribed TextDebit CreditEstimatedMarket Value$ 490,300$ 490,300Note: Enter debits before credits.Record the costs of lump-sum purchase.Required 3Show Transcribed TextPercent of Total55 %%%%55 %Required 3Journal entry worksheetXX< Required 1AxX< Required 18Total cost ofAcquisitionView transaction listComplete this question by entering your answers in the tabs below.Prepare the journal entry to record the purchase.ApportionedCost$ 445,500$Required 18 >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 $28,000salvage value.3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balancedepreciation.Required 1A Required 1B Required 2445,500Required 3Required 1A Required 18 Required 2Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a$28,000 salvage value. (Round your answer to the nearest whole dollar.)Depreciation expense on buildingRequired 3 >

The cash paid to acquire different assets is apportioned to different assets acquired on the basis…

[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, $490,000; land, $290,000; land improvements, $50,000; and four vehicles, $170,000. 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 $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.

[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, $490,000; land, $290,000; land improvements, $50,000; and four vehicles, $170,000. 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 $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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