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Required information [Whe following information applies to the questions displayed below.] Gimberly Construction makes a lamp-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, $465,000; land, $279,000; land imp;ovements, $55,800; and four vehicles, \$130.200. Required: 1-a. Allocate the momp-stim purchase price to the separate assets purchased. 1-b. Prepare the jounat en in to record the purchase: 2. Compute the first-year depreciation expense on the building using the straight-line methed, assuming a 15 -year life and a $29.000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-dectining-balance depreciation:- Complete this question by entering your answers in the tabs below. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 16. Prepare the joumal 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 $29,000 salvage value. 3. Compute the fist-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Required information Whe following inforunation applies to the questions displayed below: Timberly Construction makes a munnip sum puichase of severan assets on of the purchased assets are buicung. $365.000 : land. $279.000. land Required: 1-a. Allocate the fumbssum purohlase pirce to the sespartate assets purchased. 2. Compute the first year aldpreciation expense on the building using the straight-line method, assuming a 15 -y elu life and a \$29.000 salyage waicer- 3. Compute the first yee depuedation expense on the land imptovements assuming a five-year life and abublefde llining bbalance depreciationt. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the purchase: Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits. Required information TThe following winformation applies to the questlons displayed below.] Timberly Construetiom makes a himip-sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets ane buildine, $465,000; land, $279,000; land improvements, $55,800 : and four vehicles. $130,200. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entiy 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 \$29,000 salvage value: 3. Compute the first-year depreciation expense on the land improvements assuming a fiveyear life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the building using the straight-line method, assur $29,000 salvage value. (Round your answer to the riediest while abilari) Required information [The following information opplies to the questions clisplayed below.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash pritice of $800,000. The estimated market values of the purchased assets are buifeling, \$465,000; land, $>79,000; land improvements, $55,800; and four vehicles, $130,200. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the joumal entry to reciord the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $29,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a fiveyear life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life depreciation

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