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about:sessionrestore X Cecil Dwight Marsha X 20211128FamilyKDSP-D1 X Sign In to Your Acco X BYU-Pathway Portal X BC McGraw-Hill ConnecX Question 4 - Lesson 21 H X *Course Hero X X C O B https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%2 & TOU>>= Lesson 21 HW Saved Help Save & Exit Submit [The following information applies to the questions displayed below.] 4 Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $494,000; land, $247,000; land improvements, $38,000; and four vehicles, $171,000. 5 Required: points 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 Book salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Print Complete this question by entering your answers in the tabs below. References Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Appraised Percent of Total Total cost of Apportioned cost Value Appraised Value X Acquisition Cost Building % X Land % Land improvements % Vehicles % Total % Mc Graw about:sessionrestore X Cecil Dwight Marsha X 20211128FamilyKDSP-D1 X Sign In to Your Acco X BYU-Pathway Portal X BC McGraw-Hill ConnecX Question 4 - Lesson 21 HX *Course Hero X X C O B https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%2 0 & TOU>>= Lesson 21 HW Saved Help Save & Exit Submit Required information 4 Required 1A Required 1B Required 2 Required 3 5 Prepare the journal entry to record the purchase. points View transaction list Book Journal entry worksheet Print Record the costs of lump-sum purchase. References Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Accumulated amortization Accumulated depletion Accumulated depreciation Amortization expense Record entry Clear entry View general journal Mc Graw Hillabout:sessionrestore X Cecil Dwight Marsha X 20211128FamilyKDSP-D1 X Sign In to Your Acco X BYU-Pathway Portal X BC McGraw-Hill ConnecX Question 4 - Lesson 21 H X *Course Hero X X C O B https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%2 0 TOU>>= Lesson 21 HW Saved Help Save & Exit Submit [The following information applies to the questions displayed below.] 4 Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $494,000; land, $247,000; land improvements, $38,000; and four vehicles, $171,000. 5 Required: points 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 Book salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Print Complete this question by entering your answers in the tabs below. References Required 1A Required 1B 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 Mc Graw about:sessionrestore X Cecil Dwight Marsha X 20211128FamilyKDSP-D1 X Sign In to Your Acco X BYU-Pathway Portal X BC McGraw-Hill ConnecX Question 4 - Lesson 21 H X *Course Hero X X C O B https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%2 & TOU>>= Lesson 21 HW Saved Help Save & Exit Submit [The following information applies to the questions displayed below.] 4 Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $494,000; land, $247,000; land improvements, $38,000; and four vehicles, $171,000. 5 Required: points 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 Book salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Print Complete this question by entering your answers in the tabs below. References Required 1A Required 1B 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 Hill