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 matket values of the purchased assets are bullding, $507,450, land, $268,650; land improvements, $29,850, and four vehicles, 5189,050 Required: 1-3. Aliocate the lump-sum purchase peice to the separate assets purchased. 1-b. Prepare the joumat entry to tecord the purchase. 2. Compute the firstyear depreciation expense on the building using the straight-line method, assuming a 15-year life and a 529,000 salvege volue. 3. Compute the firstyear depreciation expense on the land improvements assuming a flve-year life and double-declining-bnlance depreciation. Complete this question by entering your answers in the tabs below. Alocate the lump-sum purchase price to the seperate assets purchosed