1 Required information 1 of 2 [The following information applies to the questions displayed below] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $810,000 The estimated market values of the purchased assets are building, $482,500 land, $318.450, land improvements, $38,600, and four vehicles, $125,450. Check my wo Book Print erences 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 $29,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation.