Problem 10-1A Plant asset costs; depreclation methods LO C1, P1 Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $830,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $423.200; land, $303,600; land improvements, $55,200; and four vehicles, $138,000. 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 $29,000 salvage value. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below Required 1A Required 1B Required 2 Required 3 Complete this question by entering your answers In the tabs below. Required 3 Required IARequired 1B Required 2 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Total cost of Apportioned Percent of Total Appraised Value Acquisi Appraised Value Allocation of total cost Cost 46|%|x$ 830,000 % | x $ 830,000 % | x $ 830,000 96 | $ 830,000 r $ 381,800 $ 423,200 303,600 55,200 138,000 $ 920,000 Building Land Land improvements Vehicles Total $ 381,800 46% Required 1B> Complete this questlon by entering your answers In the tabs below. Required 1A Required 1B Required 2 Required 3 Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $29,000 salvage value. (Round your answers to the nearest whole dollar.) iation expense on building Required 3x K Required 1B | Required 1A1 Required 1B Required 2 Required 3 Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining balance depreciation. e on land ation improvements