of several assets from a company that is going out of business. The purchase Timberly Construction negotiates a lump-sum purchase is completed on January 1,2017, at a total cash price of $810000 for a building, land. land improvements and four vehicles. The estimated market values of the assets are building, $498.200: land. $272,600. land improvements, $65.800 and four vehicles $103,400. The company's fiscal year ends on December 31 Required: 1-a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased 1-b. Prepare the journal entry to record the purchase 2. Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining-balance depreciation Complete this question by entering your answers in the tabs bel Required IA Required 18 Required 2 Required 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Total cost of A Acquisition of total aised Value ent of Total Appraised Value A cost Cost Building Land Vehicles Total Required 1B