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1 value: 100 points Timberly Construction negotiates a lump-sum purchase of several assets from a...

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1 value: 100 points 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, 2015, at a total cash price of $840,000 for a building land, land improvements, and four vehicles. The estimated market values of the assets are building $482,500; land, $308,800; land improvements, $67,550; and four vehicles, $106,150. The company's fiscal year ends on December 31 Required: 1.1 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Total cost of AppraisedAcquisition Percent of Total Apportioned Cost Allocation of total Appraised Value cost Building Land Land improvements Vehicles 096 Total

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