Answer questions $1$a $-3$ using the information below

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, $$494,700$; land, $$329,800$; land improvements, $$58,200$;

and four vehicles, $$87,300.$

Required:

$1-$a$.$ Allocate the lump$-$sum purchase price to the separate assets purchased.

$1-$b$.$ Prepare the journal entry to record the purchase.

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.

Compute the first$-$year depreciation expense on the land improvements assuming a five$-$year life and double$-$declining$-$balance

depreciation.