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[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 $810,000. The estimated market values of the purchased assets are building, $458,400; land, $276,950; land improvements, $28,650; and four vehicles, $191,000. 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 Complete this question by entering your answers in the tabs below. Required 14 Required 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Appraised Percent of Total cost Value Appraised Value Total cost of Acquisition Apportioned Cost Building % x Land % x Land improvements Vehicles Total % x % x % 11 of 2 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 $28.0 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. nts Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 ferences Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits Date Jan 01 General Journal Debit Credit Record entry Clear entry View general journal 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 $810,000. The estimated market values of the purchased assets are building, $458,400; land, $276,950, land improvements, $28,650, and four vehicles, $191,000. 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. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 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. (Round your answer to the nearest whole dollar.) Depreciation expense on building 1 Part 1 of 2 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 $810,000. The estimated market values of the purchased assets are building. $458,400; land, $276,950; land improvements, $28,650, and four vehicles, $191,000. 5 points References 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. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Depreciation expense on land improvements Saved 2 Part 2 of 2 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 $810,000. The estimated market values of the purchased assets are building, $458,400; land, $276,950; land improvements, $28,650; and four vehicles, $191,000. 5 points D 4. Compared to straight-line depreciation, does accelerated depreciation result in payment of less total taxes over the asset's life? is tax payment less under accelerated depreciation? References Champion Contractors completed the following transactions involving equipment Year 1 Jan. 1 Paid $294,eee cash plus $11,760 in sales tax and $1,600 in transportation (FCB shipping point) for a new loader. The loader is estimated to have a four-year life and a $29,400 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $4,eee to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,900 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,225 for minor repairs to the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet < 2 3 4 5 6 Paid $294,000 cash plus $11,760 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four- year life and a $29,400 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits. Date Jan 1, Year 1 General Journal Debit Credit Record entry Clear entry View general journal 10 points Retonos Champion Contractors completed the following transactions involving equipment Year 1 Jan. 1 Paid $294,000 cash plus $11,760 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $29,400 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,900 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,225 for minor repairs to the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet < 2 4 5 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200, Note: Enter debits belts Date Jan 3, Year 1 General Journal Debit Credit Record entry Clear entry View general journal 10 3 points References Champion Contractors completed the following transactions involving equipment Year 1 Jan. 1 Paid $294,000 cash plus $11,760 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $29,400 salvage value. Loader costs are recorded in the Equipment account. 3 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. Jan. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,900 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,225 for minor repairs to the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events View transaction list Journal entry worksheet < 1 2 6 Paid $4,900 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Ne fer debts before credits Date Jan 1, Year 2 General Journal Debid Cred Record entry Clear entry View general journal Champion Contractors completed the following transactions involving equipment 3 Year 1 10 points References Jan. 1 Paid $294,000 cash plus $11,760 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $29,400 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan, 1 Paid $4,9ee to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,225 for minor repairs to the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. View transaction lis Journal entry worksheet < 1 2 4 5 B Paid $1,225 for minor repairs to the loader after the operator backed it into a tree. Note: Enter debts before credit Date Feb 17, Year 2 General Journal Debit Credit Record entry Clear entry View general journal Cos Year 1 Jan. 1 Paid $294,000 cash plus $11,760 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $29,400 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,900 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,225 for minor repairs to the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet < 1 2 4 5 Recorded annual straight-line depreciation on the loader. Note: Enter detits before credits. Date Dec 31, Year 2 General Journal Debit Credit Record entry Clear entry View general journal Caster | Heverin 3 Olension Cuneta competed the wing change Tr Near 2 Journal entry worksheet

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