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 $800,000. The estimated market values of the purchased assets are building, $472,800; land, $295,500; land improvements, $39,400; and four vehicles, $177,300. 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. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance lepreciation. 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 $800,000. The estimated market values of the purchased assets are building, $472,800; land, $295,500; land improvements, $39,400; and four vehicles, $177,300. Problem 8-1A (Algo) Part 1-3 Required: l-a. Allocate the lump-sum purchase price to the separate assets purchased. l-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 ialvage 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. 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 $800,000. The estimated market values of the purchased assets are building, $472,800; land, $295,500; land improvements, $39,400; and four vehicles, $177,300. 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. . Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance lepreciation. 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 $30,000 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 $800,000. The estimated market values of the purchased assets are building, $472,800; land, $295,500; land improvements, $39,400; and four vehicles, $177,300. 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. . Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance lepreciation. 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