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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, $$471,750$; land, $$277,500$; land improvements, $$37,000$; and

four vehicles, $$138,750.$

Required:

$1-$a$.$ Allocate the lump$-$sum purchase price to the separate assets purchased.

$1-$b$.$ Prepare the journal entry to record the purchase.

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.

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 $2$

Required $3$

Allocate the lump$-$sum purchase price to the separate assets purchased.