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 $820,000. The estimated market values of the purchased assets are building. 5471750, land, $314.500, fand improvements, $46.250, and four vehicles. $92.500 es Problem 10-1A Part 1-3 Required: 1-0. 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 $30,000 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 total cost Appraised Value Percent of Total Appraised Value % Total cost of Acquisition Apportioned Cost X % Building Land Land improvements Vehicles Total % % % Required 1B > Record the costs of lump-sum purchase. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journa Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Compute the first year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. (Round your answer to the nearest whole dollar) Depreciation expenso on building Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Depreciation exponse on land improvements