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Check my work Problem 8-1A (Static) Plant asset costs; depreciation methods LO C1, P1 [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, $297,600; land improvements, $28,800; and four vehicles, $124,800. Problem 8-1A (Static) Part 1-3 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. Complete this question by entering your answers in the tabs below. upulu questull Dy entering your answers in the tabs below. 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 Acquisition Apportioned Cost Building 1% x Land % X Land improvements % x Vehicles % x 0 Total $ 0 0 % $ CP 10 11 of 12 LU Record the costs of lump-sum purchase. Note: Enter debits before credits. Date General Journal Debit Credit January 01 CB 10 11 Required 1A Required 1B Required 2 Required 3 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. Depreciation expense on building 16 DELL ENG OL Required information comicie UITS quesLVI VY CULEI my your answers in UTC laus vtiuw. Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declis depreciation. Depreciation expense on land improvements