Help Save & Exit Submit Check my work 1 wrt 1 of 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 $810,000. The estimated market values of the purchased assets are building, $503,500, land, $285,000, land improvements, $47,500; and four vehicles, $114,000. ints ellook 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 $28,000 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. Required 1A Required 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Estimated cost Percent of Total Market Value Total cost of Acquisition Apportioned. Cost k ces Complete this question by entering your answers in the tabs below. Required 1A Required 18 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 K Total cost of Acquisition Apportioned Cost Building % x Land % x Land improvements Vehicles % X Total % % x 13 Required 1A Required 1B > of 2 Journal entry worksheet Ook ances Record the costs of lump-sum purchase. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Clear entry Record entry 0 View general journal Prev 1 2 of 3 Next > journal entry to record the purchase. aidil assets purchased. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $28,000 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. Required 1A Required 18 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 $28,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building < Prev 9 1 2 of 3 Next > 2. Compute the first-year depreciation expense on the building using the straight-line method, $28,000 salvage value. iming a 15-year life 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. Required 1A Required 18 Required 2 Required 3 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