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, $502,350; land, $275,800: land improvements, $49,250; and four vehicles. $157,600. 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 salvage value. 3. Compute the first year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation