Allocate the lump-sum purchase price to the separate assets purchased. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a 32,000 salvage value. lote: Round your answer to the nearest whole dollar. Record the costs of lump-sum purchase. Note: Enter debits before credits. 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 $840,000. The estimated market values of the purchased assets are building, $494,700; land, $320,100; land improvements, $58,200; and four vehicles, $97,000. 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 buliding using the straight-line method, assuming a 15 -year life and a $32,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-decliningbalance depreciation