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need help with this whole problem Required information [The following information applies to the questions displayed below.] Timberly Construction makes a lump-sum purchase of several

need help with this whole problem

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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, $483,600; land, $251,100; land improvements, $55,800; and four vehicles, $139,500. 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 $31,000 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.Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Appraised Percent of Total Total cost of cost Value Appraised Value X Acquisition Apportioned Cost Building 483,600 % X Land 251,100 % X Land improvements 55,800 % X Vehicles 139,500 % X Total 930,000 0 % 0 Record the casts of lump-sum purchase. Mute: Enter debits before credits. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 :Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a :$31,000 salvage value. (Round your answer to the nearest whole dollar.)Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation. Depreciation expense on land improvements

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