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2 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 $840,000. The estimated market values of the purchased assets are building, $500,000, land. $330 000, land improvements $70,000, and four vehicles. 5100 000 Part 1 of 2 9.02.2020 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 $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 Required in Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Estimated Market Value 5 Percent of Total Total cost of Apportioned Acquisition Cost Building % X Land % X Land improvements % X Vehicles Total % x $ 0 01% $ Record the costs of lump-sum purchase. Required 1A Required 18 Required 2 Required 3 Print 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. (Round your answer to the nearest whole dollar) Depreciation expense on building 02-25 25 Required 1A Required 1B Required 2 Require Print Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation Depreciation expense on land improvements