of 2 pok nt ences 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 467 650 land 268 650 land improvements 79 600 and four vehicles 179 100 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 1B Required 2 Required 3