ces [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, $478,400; land, $239,200; land improvements, $36,800, and four vehicles, $165,600. Required: 1-8. 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 five-year life and double-declining-balance depreciation Required information 1 of 2 Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. 3 ts Allocation of total cost Estimated Market Value Percent of Total Building $ 478,4000 51 % Land 239,200 29 % x Land improvements 36,800 5. % Vehicles 165,600 15 % x Total $ 920,000 100 % Total cost of Acquisition Apportioned Cost $ 0 Required 1B > Required information Required 1A Required 18 Required 2 Required 3 Prepare the journal entry to record the purchase. No Date 1 January 01 Building Land Land improvements Vehicles Cash General Journal Debit Credit 165,600 84,000 Required information 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 building using the straight-line method, Assuming a 15-year life and a $29,000 salvage value. Note: Round your answer to the nearest whole dollar. Depreciation expense on building Required information AIDWO D not comprete. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 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 < Required 2 Required 3>