Yes, the allocation should involve all assets unless, appliances as example, do not have any real value which would be determined by the age of the appliance.
Your example is accurate and the process is explained below as well.
The amount of any depreciation remaining on any depreciable asset that is part of the sale would essentially be considered as basis when you enter the sales information. TurboTax will easily handle this part for you and carry over to Form 4797 the correct gain. You should see the total cost, less depreciation, and then the selling price/selling expenses will be used against the remaining cost basis to arrive at the actual gain or loss.
@DanTz
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