Required information Allocate the lump-sum purchase price to the separate assets purchased. Required information 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 life and double-declining-balance depreciation. Required information Record the costs of lump-sum purchase. Complete this question by entering your answers in the tabs below. 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. Note: Round your answer to the nearest whole dollar. 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 $850,000. The estimated market values of the purchased assets are buliding, $494,700; land, $300,700; land improvements, $48,500; and four vehicles, $126,100 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 buliding using the straight-line method, assuming a 15 -year life and o $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. Complete this question by entering your answers in the tabs below