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Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total...

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Accounting

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, $511,500; land, $269,700; land improvements, $46,500; and four vehicles, $102,300.

1. Compute the first-year depreciation expense on the building assuming a 15year life and $29,000 salvage value.

2. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.

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