Help SeventSub Required information Problem 8-1A 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 5830,000. The estimated market values of the purchased assets are building. $467650; land, $298,500, land improvements, 579,600, and four vehicles, $149,250. Problem 8-1A 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 and a $30.000 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 3 Required 2 Required 18 Required 1A Apportioned Cost Allocate the lump sum purchase price to the separate assets purchased Total cost of Acquisition Appraised Value Percent of Total Appraised Value Allocation of total cost 12 2 Next > Building pice to the separate assets purchased. Ipare 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 $30.000 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 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost Building Land Land improvements Vehicles Total > Required 13 2 of 2 Next > View transaction list Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 ces View general Journal Clear entry Record entry Required 2 > provements, 579,500 Problem 8-1A 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 ife and a $30.000 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 3 Required 1A Required 18 Required 2 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-deding balance depreciation. Depreciation expense on land improvements 12 of 2 Prov