Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 Timberly Construction makes a lump sum purchase of several assets on January 1 at a total cash price of $850,000 The estimated market values of the purchased assets are building. 5441600, tand, $294,400, and improvements. $36.800, and four vehicles 5147200 Required: 1-6. Allocate the lumpsum purchase price to the separate assets purchased 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 $31000 Savage vloe 3.Comune the font year desecution expense on the land improvements assuming alive.year life and double decling balance Selection Answer is not complete Complete this in by entering your answers in the tabs below Nood Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to ques 2 Required information Alocate the lump sum purchase price to the separate assets purchased. Totalco of Action Apportioned Allocation of ul.com Building Land Land Porcent of Total Appraised Value 40 x Apprained Value S441.000 294.400 06:00 14:20 120.000 3 To Required 10