5 Part 1 of 2 Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $840,000. The estimated market values of the purchased assets are building, $437,000; land, $275,500; land improvements, $57,000: and four vehicles, $180,500. 1 points eBook 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 $3,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Print Required 1A Required 1B Required 2 Required 3 References Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Estimated Market Value Percent of Total Total cost of Acquisition Apportioned Cost Building % Land Land improvements Vehicles Total % % Mc Graw Hill Required 18 > MacBook Air 1 5 Required information Part 1 of 2 View transaction list Journal entry worksheet points < eBook Print References Mc Graw Hill Record the costs of lump-sum purchase. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Clear entry Record entry < Required 1A View general journal Required 2 < Prev 5 6 of 6 Next > ellook Print D erences 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. Complete this question by entering your answers in the tabs below. Required IA Required 18 Required 2 Required 3 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 < Prev S 5 6 of 6 Next > MacBook Air 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balan depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation. Depreciation expense on land improvements MacBook Air