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 $900,000. The estimated market values of the purchased assets are building, $508,800; land. $297,600, land improvements, $28,800; and four vehicles, $124,800. 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 $27,000 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