ces ! Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [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, $478,400, land, $312,800, land improvements, $36,800; and four vehicles, $92,000. Problem 8-1A (Algo) Part 1-3 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 $31,000 salvage value. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Allocate the lump-sum purchase price to the separate assets purchased. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Estimated Market Value Percent of Total x Total cost of Acquisition Apportioned Cost Building Land Land improvements Vehicles $ 478,000 % X $ 830,000 312,800 % X 36,800 % x 92,000 ge % x $830,000 $ 830,000 $ 830,000 Total $ 919,600 0% $ 0 Required 1A Required 1B > Uranara the inurnal ontru to recoPA Required information Journal entry worksheet 1 Record the costs of lump-sum purchase. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 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. (Round your answer to the nearest whole dollar.) Depreciation expense on building