P 1 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 $810,000 The estimated market values of the purchased assets ere building. $458,400, land, $276.950 land improvements, $28650 and four vehicles, $191,000 D Required: S-a. Allocate the lump-sum purchase price to the seperate 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 $38.000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year ide and double-declining balance 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 ife and double-declining balanc depreciation Required 2 Help Save & S