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 $$30,000$ salvage value.

$3.$ Compute the first$-$year depreciation expense on the land improvements assuming a five$-$year life and double$-$declining$-$balance depreciation.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required $1A$

Required $1B$

Required $2$

Required $3$

Allocate the lump$-$sum purchase price to the separate assets purchased.

$\backslash$table$[[\backslash$table$[[$Allocation of$],[$total cost$]],\backslash$table$[[$Estimated$],[$Market$],[$Value$]],$Percent of Tota,,$x,\backslash$table$[[$Total cost$],[$of$],[$Acquisition$]],\backslash$table$[[$Apportioned$],[$Cost$]]],[$Building$,$$$,430,050,51,\%,x,$$$,840,000,],[$Land$,283,650,,\%,x,$$$,840,000,],[\backslash$table$[[$Land$],[$improvements$]],73,200,,\%,x,840,000,],[$Vehicles$,128,100,,\%,x,840,000,]]$