Problem 8.1A (Algo) 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 $810,000. The estimated market values of the purchased assets are building, $455,400; tand, $306,900; land improvements. $49,500 and four vehicles, $178,200. eBook Problem 8-1A (Algo) Part 1-3 ASX 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 $29,000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation print Perences Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Allocate the lump sum purchase price to the separate assets purchased. Appraised Value Total cost of Acquisition Apportioned Cost 5 x Allocation of total cost Building Land Land improvements Vehiclos Total 455,400 306.900 49 5001 178,200 990.000 Percent of Total Appraised Value % % % % 0 % X X 5 Required information 18 points Required 1A Required 1B Required 2 Required 3 Prepare the journal entry to record the purchase. eBook View transaction list ASK Journal entry worksheet 6 18 points Required information Problem 8-1A (Algo) 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 $810.000. The estimated market values of the purchased assets ore building, $455,400, land, $306,900;land improvements, $49,500; and four vehicles. $178,200 Book A Problem 8-1A (Algo) Part 1-3 D Print o 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 $29,000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation References Complete this question by entering your answers in the tabs below. Required IA Required 15 Required 2 Required Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation Depreciation expense on land improvements Required 2