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S 8, 9 and 101 Seved 0 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 are building, $480,200; land, $333,200, land improvements, $58,800, and four vehicles, $107.800. Required: 1-0. 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 $32,000 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 10 Required 2 Required 3 Allocate the lump sum purchase price to the separate assets purchased. Allocation of total cost Estimated Market Value Percent of Total Total cost of Acquisition Apportioned Cost Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Estimated Market Value Apportioned Cost Building s 480,200 Percent of Total Total cost of Acquisition % $ 810,000 % 5 610,000 $ 810,000 Land 333,200 58,800 X Land improvements Vehicles 96 $ 810,000 107.000 980,000 Total $ 50% CRIA Required 10 > Required 1A Required 1B Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet Record the costs of lump sum purchase. Note: Enter debits before credits General Journal Debit Credit Date January 01 Required: 1-o. 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 $32,000 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 our answers in the tabs below. Required 1A Required 10 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 $32,000 salvage value. (Round your answer to the nearest whole dollar) Depreciation expome on building Required: 1-0. 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 $32,000 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 18 Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double declining balance depreciation Deprecation expense on and improvements