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 or $820,000. The estimated market values of the purchased assets are building. $487,600 : Land, $266,800; land improvements, $55,200; and four vehicles, $110,400 Required: 1-a. Allocote the lump-sum purchase price to the separate assets purchased. 1.b. Prepare the joumat entry to record the purchase. 2. Compute the first-year depreciation expense on the bullding using the stralght-line method, assuming a 15 -year ite and a 530.000 solvage value. 3. Compute the first-year depreciotion expense on the land improvements assuming a five-yeor lfe and double-declining-bolance depreciotion. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life and dauble-deciining-batiance depreciation