Check my w 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 $840,000 The estimated market values of the purchased assets are building, $466,650, land, $274,500; land improvements, $73,200, and four vehicles. $100.650. 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 $28.000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Part 1 of 2 Required 1A Required 18 Required 2 Required 3 25 points ook AR Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Appraised Percent of Total Total cost of Apportioned cost Value Appraised Value Acquisition Cost Building $ 466,650 55% X $ 840,000 $ 394.800 Land 274,500 32 % $ 840,000 268.800 Land improvements 73.200 81% X $ 340,000 33.600 Vehicles 100.650 11% X $ 840,000 142,800 Total $ 915,000 106% $ 840,000 References ROQUETA Required 1B >