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, $460,800; land, $316,800; land improvements, $48,000; and four vehicles, $134.400, 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 $29.000 salvag value 3. Combute 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 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Appraised Total cost of Acquisition Apportioned Cost Value Allocation of total cost Building Land Percent of Total Appraised Value % % % X x X % X Land improvements Vehicles Total $ $ 0 % Required 2 Required 3 Required 1A Required 1B Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet >