Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 (The following information applles 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, $475,200, land, $297000, land improvements, $59.400; and four vehicles, $158.400. Problem 8-1A (Algo) Part 1-3 Required: 1-0. Allocate the lump-sum purchase price to the separate assets purchased, 1-6. 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 $29,000 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 15 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased