11 Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $820,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $497,500; land, $288,550; land improvements, $59,700; and four vehicles, $149,250. The company's fiscal year ends on December 31. 8.33 points Required: 1-a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $28,000 salvage value. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining-balance depreciation. eBook Print Complete this question by entering your answers in the tabs below. References Required 1A Required 1B Required 2 Required 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost % % Building Land Land improvements Vehicles % % Total $ 0 0 % $ Required 1A Required 1B > Required 1A Required 1B Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet 1 > Record the costs of lump-sum purchase. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01 Record entry Clear entry View general journal Required 1A Required 1B Required 2 Required 3 Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $28,000 salvage value. (Round your answers to the nearest whole dollar.) Depreciation expense on building Required 1A Required 1B Required 2 Required 3 Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining- balance depreciation. Depreciation expense on land improvements