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, $437,100; land, $306,900; land improvements, $37,200; and four vehicles, $148,800. 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 $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a fiv 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 Estimated Market Value Total cost of Percent of Total x Acquisition Apportioned Cost Building % x Land % x Land improvements Vehicles Total % x % % x Required 1A Required 18 > 8 < Prev 1 2 of 13 N Required information View transaction list Journal entry worksheet < 1 Record the costs of lump-sum purchase. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Record entry Clear entry 80 a View general journal Prev 1 2 of 13 Next > DII FR Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 ces Compute the first-year depreciation expense on the building using the straight-line method, assuming a $30,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building < Required 18 Required 3 > 2 nts eBook 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 $3 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balam depreciation. Complete this question by entering your answers in the tabs below. Print Required 1A Required 18 Required 2 Required 3 References Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building