Timberly Constructionmakes a lumpsum purchase of several
assets on January at a total cash price of $ The
estimated market values of the purchased assets are building,
$; land, $; land improvements, $; and four
vehicles, $Required:
a Allocate the lumpsum purchase price to the
separate assets purchased.
b Prepare the journal entry to record the
purchase.
Compute the firstyear depreciation expense on
the building using the straightline method, assuming a year
life and a $ salvage value.
Compute the firstyear depreciation expense on
the land improvements assuming a fiveyear life and
doubledecliningbalance depreciation.PLease answer in thus format
