Logic Co. recently negotiated a lump-sum purchase of several assets from a company that was going out of business. The purchase was completed on March 1, 2020, at a total cash price of $1,440,000 and included a building, land, certain land improvements, and 15 vehicles. The estimated market values of the assets were building, $655,200; land, $577,200; land improvements, $93,600; and vehicles, $234,000. The company's fiscal year ends on December 31. Required: 1. Complete the following schedule to allocate the lump-sum purchase price to the separate assets that were purchased. Also present the journal entry to record the purchase. Building Land Land improvements Vehicles Total View transaction list 1 Market Value Percentage of Apportioned Total Cost % $ 0% $ 0 Record asset purchases. Note : journal entry has been entered Record entry Clear entry Credit View general journal 2. Calculate the 2020 depreciation expense on the building using the straight-line method to the nearest whole month, assuming a 10- year life and a $15,000 residual value. Depreciation expense 3. Calculate the 2020 depreciation expense on the land improvements assuming a five-year life, $12,000 residual, and double- declining-balance depreciation calculated to the nearest whole month. Depreciation expense