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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, 2015, at a total cash price of $820,000 for a building and, land 5512,200; land, $315,200; land improvements, S78,800; and four vehicles, 578,800. The company's fiscal year ends on December 31 improvements, and four vehicles. The estimated market values of the assets are building Required 1.1 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Percent o llocation of total A Total Appraised Value Total cost of Apportioned Acquisition cost ppraisedX Cost Value Building Land Land improvements Vehicles Total 1.2 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 General Journal Debit Credit Jan 01

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