Problem 9-8A PPE costs; partial year's depreciation; alternative methods LO1, 2, 3 Logic Co. recently negotiated a lump sum purchase of several assets from a company that was going out of business. The purchase was completed on March 1, 2020 at a total cash price of $1.500,000 and included a buikling, tand, certain and improvements, and 20 vehicles. The estimated market values of the assets were building, $754400; land, $524,800, land improvements $114 800 and vehicles, $246,000. The company's fiscal year ends on December 31 Required: 1. Complete the following schedule to allocate the lump-sum purchase price to the separate assets that were purchased, Also present the journal entry to record the purchase Market Value Percentage of Total Apportioned Cout Building Land Land improvements Wonides Total 3 D OS 0 View in it View transaction list Journal entry worksheet Record asset purchases Note: Enter debits before credits General Journal Debit Credit Date Mar 1, 2020 Record entry Clear entry View general Journal 2. Calculate the 2020 depreciation expense on the building using the straight-ine method to the nearest whole month assuming a 15 year life and a $24,000 residual value a Detection experts cos 3. Calculate the 2020 depreciation expense on the land improvements assuming a five-year life. $15.000 residual and double declining balance depreciation calculated to the nearest whole month Deprecation