Required information Problem 8-1A Plant asset costs; depreciation methods LO C1, P1 [The following information applies to the questions displayed beiow] 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, $480,200, land, $294,000, land improvements, $49,000 : and four vehicles, $156,800 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 $30,000 salvage value 3. Compute the first-yeat 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. Journal entry worksheet Note: Enter debits before credits. Required: 1-. 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 $30,000 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. Compute the first-year depreciation expense on the bullding using the straight-line mothod, assuming a 15 -year lifo and a 530,000 salvage value. (Rouind your answer to the nearest whole dollar) Required: 1-o. Aliocate the lump-sum purchase price to the separate assets purchased. 2. Compute the first-year depreciation expense on the bullding using the straight-line method, assuming a 15y ear life and a $30,000 1-b. Prepare the journal entry to record the purchase 3. Compute the firstyear depreciation expense on the land improvements assuming a five-year life and double-declining-balance salvage value: depreciation. Complete this question by entering your answers in the tabs below. Compute the fint-year deprecation expense on the land improvements assuming a five-year life and double-decliming-balance depredation