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Check my work Problem 8-1A Plant asset costs; depreciation methods LO C1, P1 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 $310.000 The estimated market values of the purchased assets are building. $490.000, land, 5254,800 and improvements, $58,800 and four vehicles. $176.400. Problem 8-1A Part 1-3 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 $31000 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