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 $820,000. The estimated market values of the purchased assets are building, $446,400, land, $260,400; land improvements, $37,200, and four vehicles, $186,000. 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 $28,000 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. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Apportioned Cost $ Building Land Land improvements Vehicles 446,400 260,400 37,200 186,000 930,000 Percent of Total Appraised Value 54% 32% 5 % 91% 100 % x x x x Total cost of Acquisition $ 820,000 $ 820,000 $ 820,000 $ 820,000 Total $