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, $460.800, land, $268,800, land improvements, $38,400; and four vehicies, $192,000 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 builing 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. Allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase. Journal entry worksheet wote: tnter depits betore credits. 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. (Round your answer to the nearest whole dollar.) Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation