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Question: 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, 2023 at a total cash price of $1,500,000 and included a building land certain land improvements and 20 vehicles. the estimated market values of the assets were building, $754,400; land $524,800 land improvements, $114,800; and vehicles $246000. 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.
[2] Calculate the 2023 depreciation expense on the building using the straight line method to the nearest whole month , assuming a 15 year life and a $ 24,000 residual value.
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