! Required information Problem 8-1A 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 $830,000. The estimated market values of the purchased assets are building, $463,050; land, $264,600; land improvements, $56,700; and four vehicles, $160,650. Problem 8-1A 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 $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. declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 ces Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost % Building Land Land improvements Vehicles % % X % Total 0 % (Required 1A Required 1B > Required information View transaction list Journal entry worksheet Required information I-a. Allocate ule ump-Sun Purchase price to ule Sepaiale assets puicideu. 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-yea 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 1B Required 2 Refuired 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation. Depreciation expense on land improvements