Required information Problem 10-1A 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 $810,000. The estimated market values of the purchased assets are building. $470.000; land, $263,200; land improvements, $37,600; and four vehicles, $169,200. Problem 10-1A 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 $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 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of Appraised Percent of Total Total cost of Apportioned total cost Value Appraised Value Acquisition Cost Building % x Land % Land % improvements Vehicles % Total $ 0 0 % $ X O