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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 $810,000. The estimated market values of the purchased assets are building. $527,350; land, $338,300; land improvements, $49,750; and four vehicles. $79.600. Required: 1-. 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 $29,000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Allocate the lump-sum purchase price to the separate assets purchased. Record the dasts of lump-sum purchase. Note: Enter debits before credits. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and $29,000 salvage value. (Round y 5 ur answer to the nearest whole dollari) 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining depreciation. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation