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5 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. $511450, land, $270,200, fand improvements, $67,550, and four vehicles. $115,800 Required: 001 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 cost Appraised Value Percent of Total Appraised Vale Totalitat of Apportioned Acquisition Cost Building Land Land improvements Vehicles x $ %