Da Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The 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. nts, 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. to the I purchase price to the separate assets purchased. tion of total t of Total Total cost of cost Value Cost Land Prey 1 of 1 Next Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits. General Journal Debit dan 01 Record entry Clear entry Prev 1 of 1 " Next Required: $32,000 salvage value. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declini for year 2017 on the b g using the straight-line method, assuming a 15-year life and on 1 of 1E Next tettl 1-a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. 2. Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life $32,000 salvage value. 18 on Prev1 of 1 Next Copy of Craig .xisx