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I need explain for this answers Allocation of Package Purchase Price and Depreciation...

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Allocation of Package Purchase Price and Depreciation Methods To expand its business, Renee Company paid $760,000 for most of the property, plant, and equipment of a small trucking company that was going out of business. Before agreeing to the price, Renee hired a consultant for $10,000 to appraise the assets. The appraised values were as follows: Assessed Property Value $120,000 Building 440,000 Trucks 144,000 Equipment 96,000 Total $800,000 Land Renee issued two checks totaling $770,000 to acquire the assets and pay the consultant on July 1. Renee depreciated the assets using the straight-line method on the building and on the equipment, and the double-declining balance method on the trucks. Estimated useful lives and salvage values were as follows: Building Trucks Equipment Salvage Useful Life Value 20 years $42.000 4 years 15,000 8 years 10,000 a. Calculate the amounts allocated to the various types of plant assets acquired on July 1. Asset Total Land $ 115500 Building 423500 Trucks 138600 Equioment 92400

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