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Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going...

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Accounting

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Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2019, at a total cash price of $900,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. The company's fiscal year ends on December 31. Using the Timberly Construction table above, compute the yearly depreciation expense for year 2019 on the building cost using the straight-line method, assuming a 15-year life and a $27,000 salvage value. Cost Salvage value $27,000 Depreciable cost Depreciable life Yearly Depreciation Expense

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