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 $840,000. The estimated market values of the purchased assets are building. $423,000, land, $300,800, land improvements, $56,400, and four vehicles, $159,800 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 building using the straight-line method, assuming a 15-year life and a $30,0 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 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Estimated Total cost of cost Apportioned Percent of Total Market Value Acquisition Cost Building x 20 Land Land improvements gelt Vehicles R Total