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 $840,000. The estimated market values of the purchased assets are building, $504,400; land, $310,400 : land improvements, $38,800; and four vehicles, $116,400. 1-a. Allocate the lump-sum purchase price to the separate assets purchased. Required: 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a 1-b. Prepare the joumal entry to record the purchase. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining$31,000 salvage value. balance depreciation. Allocate the lump-sum purchase price to the separate assets purchased. Journal entry worksheet Note: Enter debits before credits. Compute the first-year depreciation expense on the buliding using the stralght-line method, assuming a 15 -year life and a \$31,000 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-decliningoutabing