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 $830,000. The estimated market values of the purchased assets are building. $434,750, land. $277,500; land improvements, $46,250, and four vehicles, $166,500. 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 $31.000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-dedining-balance depreciation. Complete this question by entering your answers in the tabs below. Required Required 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Percent of Total Appraised Value x Total cost of Acquisition Apportioned Cost Building 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 $31,000 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 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Appraised cost Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost Building % X Land % x Land improvements % x Vehicles Total % x % Journal entry worksheet 1 Record the costs of lump-sum purchase. Note: Enter debits before credits. Date Jan 01 General Journal Debit Credit Record entry Clear entry S View general journal www 0:51 Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building salvage value. on the building using the straight-line method, assuming a 15-year life and a $31,000 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 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-bance depreciation. Depreciation expense on land improvements www. 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 $830,000. The estimated market values of the purchased assets are building, $434,750, land, $277,500, land improvements, $46,250. and four vehicles, $166,500. 4. Compared to straight-line depreciation, does accelerated depreciation result in payment of less total taxes over the asset's life? Is tax payment less under accelerated depreciation