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Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the...

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Accounting

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 $32,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. 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. Allocation of total cost Estimated Market Value Percent of Total Total cost of Acquisition Apportioned Cost Building $ 517,000 % x Land 263,200 % Land improvements 47,000 % Vehicles 112,800 % x x Total $ 940,000 0% $ 0 Journal entry worksheet < 1 Record the costs of lump-sum purchase. Note: Enter debits before credits. Date January 01 General Journal Debit Credit View general journal Record entry Clear entry

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