Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [The following information applies to the questions displayed below.] Timbety 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. $430,100; land, $252,450; land improvements, $28,050, and four vehicles, $224,400. Problem 8-1A (Algo) 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 bullding using the straight-line method, assuming a 15 -year life and a $31,000 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. Allocate the lump-sum purchase price to the separate assets purchased. Record the costs of lump-sum purchase. Note: Enter debits hefore creditt. 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 $31,000 salvage value. (Round your answer to the nearest whole dollar) 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