Check my 8 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, 2017, at a total cash price of $900,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $508,800, land, $297,600, land improvements, $28,800, and four vehicles $124,800. The company's fiscal year ends on December 31. points Required: 1-0. 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 2017 on the building using the straight-ine method, assuming a 15-year life and a eBook Print $27,000 salvage value eterences 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double declining-balance depreciation