Required information [The following information applies to the questions displayed below.] Timberly Construction makes a...
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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 $840,000. The estimated market values of the purchased assets are buiding. $470,400; land, $264,600; land improvements, $68,600; and four vehicles, $176.400. 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 bullding 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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