Required information [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 $810,000. The estimated market values of the purchased assets are building, $490,250; land, $249,750; land improvements, $27.750; and four vehicies, $157,250. 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 15y ear 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-baiance depreciation. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased