Check my work 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 $900,000. The estimated market values of the purchased assets are building, $508,800; land, $297600; land improvements, $28,800; and four vehicles, $124,800. 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 $27,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation. a Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Prepare the journal entry to record the purchase. Wow.sation des Prev 1 2 of 7 Next > inn nur answers in the rane nainw Required information Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of Total Cost Estimated Market Value Percent of Total x Total cost of Apportioned Acquisition Cost 46 Building Land Land improvements Vehicles %x 1% x 1% % x Total $ 0 % $ 0 es Required 1A Required 1B