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, $443,900, land, $289,500; land improvements, $67,550; and four vehicles, $164,050. 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 $28,000 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