10.00 points Timberly Construction negotiates a lump-sum purchase of several assets from a company that...
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10.00 points 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 $830,000 for a building land, land improvements, and four vehicles. The estimated market values of the assets are building, $453,100; land, $285,650, land year ends on ts, $49,250; and four vehicles, $197,000. The company's fiscal 31. Required: 1.1 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Allocation of total cost Percent of Total Appraised Value y Total cost of Apportioned AppraisedX Acquisition Cost Value Land Land i ts Total 1.2 Prepare the journal entry to record the purchase
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