Ch 0B - Homework Help 14 Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2018, at a total cash price of $810,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $507,600, land, $272.600, land improvements, $47.000; and four vehicles, $112,800. The company's fiscal year ends on December 31 points Required: 1-a. Prepare a table to allocate the lump sum purchase price to the separate assets purchased 1-b. Prepare the journal entry to record the purchase. 2. Compute the depreciation expense for year 2018 on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value 3. Compute the depreciation expense for year 2018 on the land improvements assuming a five-year life and double-declining-balance depreciation book P Reg 1A Req 15 Reg 2 Req3 Prepare a table to allocate the lump sum purchase price to the separate assets purchased. Allocation of total Percent of Estimated WaWa Total cost of Apportioned C Building Land Vehicles Total Reg 13 >