Line following information appies to the questions displayed Delow.j 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, $500,850; land, $311,850; land improvements, $47,250; and four vehicles, $85,050. 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 $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 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 Total cost of Acquisition Apportioned Cost Building $ 500,850 53% $810,000 Land 311,850 $ 810,000 Land improvements 47,250 5% $ 810,000 Vehicles Total 85,050 9% X $810,000 $ 945,000 100 % $