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 $820,000. The estimated market values of the purchased assets are building, $479,400; land, $319,600; land improvements, $37,600; and four vehicles, $103,400. Problem 8-1A (Algo) Part 1-3 lequired: -a. Allocate the lump-sum purchase price to the separate assets purchased. -b. Prepare the journal entry to record the purchase. . Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $28,00 alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance lepreciation. Answer is not complete. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased. 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 $820,000. The estimated market values of the purchased assets are building, $479,400; land, $319,600; land improvements, $37,600; and four vehicles, $103,400. roblem 8-1A (Algo) Part 1-3 equired: a. Allocate the lump-sum purchase price to the separate assets purchased. -b. Prepare the journal entry to record the purchase. . Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $28,000 alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance epreciation. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the purchase. 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 $820,000. The estimated market values of the purchased assets are building, $479,400; land, $319,600; land improvements, $37,600; and four vehicles, $103,400. Problem 8-1A (Algo) Part 1-3 Required: -a. Allocate the lump-sum purchase price to the separate assets purchased. -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 $28,00 alvage 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. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $28,000 salvage value. Note: Round your answer to the nearest whole dollar. 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 $820,000. The estimated market values of the purchased assets are building, $479,400; land, $319,600; land improvements, $37,600; and four vehicles, $103,400. Problem 8-1A (Algo) Part 1-3 Required: -a. Allocate the lump-sum purchase price to the separate assets purchased. -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 $28,000 alvage 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. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation