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Compute the first-year depreciation expense

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Problem - Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $840.000. The estimated market values of the purchased assets are building, $477,750; land, $321,750, land improvements, $68,250; and 178 four vehicles, $107,250.

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 $31,000 Print salvage value.

3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.

Reference no: EM132993182

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