1 Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $517,000; land, $300,800; land improvements, $47,000; and four vehicles, $75,200. Part 1 of 2 Required: 1.78 points Skipped 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 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. eBook Complete this question by entering your answers in the tabs below. Print Required 1A Required 1B Required 2 Required 3 ur References Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Apportioned Percent of Total Appraised Value Total cost of Acquisition Cost % % Building Land Land improvements Vehicles % x % 0 % Total $ 0 $ 0 (Required 1A Required 1B > 1 Required information Required 1A Required 1B Required 2 Required 3 Part 1 of 2 Prepare the journal entry to record the purchase. 1.78 points View transaction list Skipped Journal entry worksheet 1. > eBook Record the costs of lump-sum purchase. Print Note: Enter debits before credits. References General Journal Debit Credit Date Jan 01 Record entry Clear entry View general journal Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $517,000; land, $300,800; land improvements, $47,000; and four vehicles, $75,200. Part 1 of 2 Required: 1.78 points Skipped 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 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. eBook Complete this question by entering your answers in the tabs below. Print Required 1A Required 1B Required 2 Required 3 References Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building 1 Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $517,000; land, $300,800; land improvements, $47,000; and four vehicles, $75,200. Part 1 of 2 Required: 1.78 points Skipped 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 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. eBook Complete this question by entering your answers in the tabs below. Print Required 1A Required 1B Required 2 Required 3 References ompute the first-year depreciation expense on the land improvements assu balance depreciation. a five-year life and double-declining- Depreciation expense on land improvements