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. $470,000; land, $319,600; land Improvements, $75,200, and four vehicles, $75,200. 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. 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 Percent of Total x Total cost of Acquisition Apportioned Cost Building S 470,000 % 5 830,000 Land 319,600 % $830,000 Land improvements 75.200 $830,000 Vehicles 75.200 % $830,000 Total $ 940,000 0 % S 0 Required 1B >