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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, $522,050; land, $265,950; land improvements, $29,550; and four vehicles, $167,450. Problem 8-1A (Algo) Part 1-3 Required: 1-o. 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 $31,00 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. 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. Allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase. Journal entry worksheet Record the costs of lump-sum purchase. Note: Entar debits before ciedits. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and as salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-bait depreciation. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the bullding using the straight-line method, assuming a 15-year life and a $31,000 salvage value, (Round your answer to the nearest whole dollar.) 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 $3 salvage value, 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balar depreciation. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a flve-year life and double-decining-balance depreciation