Check my correct or incorrect for the work you have completed so far. It does not indicate complet 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 $820,000. The estimated market values of the purchased assets are building, $475,800; land, $311,100; land improvements, $64,050; and four vehicles, $64,050. 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 $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. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Total cost Allocation of Appraised Percent of Total Apportioned 1 HE 2 of 8 108.pg 54643250758 155830359 800....jpg ing 154575493 435....jpg 155824549_118.jpg >