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! Required information [ The following information applies to the questions displayed below. ] Timberly Construction makes a lump - sum purchase of several assets

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[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, $475,300; land, $281,300; land improvements, $67,900; and four vehicles, $145,500.
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 $30,000 salvage value.
3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.
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Allocate the lump-sum purchase price to the separate assets purchased.
\table[[\table[[Allocation of total],[cost]],\table[[Estimated],[Market Value]],Percent of Total,{f032b47b8-1d22-4a7d-b5ea-e3ef82e5346c}
\table[[Total cost of],[Acquisition]],\table[[Apportioned],[Cost]],],[Building,,,%,,,],[Land,,,%,,,],[\table[[Land],[improvements]],,,%,,,],[Vehicles,,0,%,,,],[Total,$,,,,,]
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