Help Save & Submit Check my work 13 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 $830,000, The estimated market values of the purchased assets are building. $503,500; land, $313,500; tand improvements, $57,000; and four vehicles, $76,000 Es Book Print erences 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 $32,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year ilfe and double-declining-balance depreciation Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 1A Required 10 Allocate the lump-sum purchase price to the separate assets purchased Next