Allocate the lump-sum purchase price to the separate assets purchased. Required information [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 $830,000. The estimated market values of the purchased assets are building. $489,600; land, $316,800; land improvements, $48,000; and four vehicles, $105,600. 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 flve-year life and double-decliningbalance depreciation. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life depreciation. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the building using the straight-line meth $29,000 salvage value. Note: Round your answer to the nearest whole dollar