Business, 12.04.2021 22:50, Kelshonti15

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 $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.

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