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 $840,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $441,600; land, $266,800; land improvements, $36,800; and four vehicles $174,800. The company's fiscal year ends on December 31 Required 1-a. 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-line method, assuming a 15-year life and a $32,000 salvage value. 3. Compute the depreciation expense for year 2017 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. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased of total t of Total Total cost of Apportioned Value Cost 01% Prev 10f 11ll Next Jan 01 Clear entry Prey 10f 1 Next 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 $840,000 for a building, land, land estimated market values of the assets are building, $441,600; land, $266,800; land improvements, $36,800; and four vehicles $174,800. The company's fiscal year ends on December 31 and four vehicles. The 1-a. 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-line method, assuming a 15-year life and a $32,000 salvage value. 3. Compute the depreciation expense for year 2017 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 Required 1A Required 18 Required 2Required3 provements assuming a five-year life and double-declining Compute Prey 1 of 1 Next