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 $900,000. The estimated market values of the purchased assets are building, $508,800, land, $297,600; land improvements, $28.800; and four vehicles. $124.800. Required: 1-e. 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-lihe method, assuming a 15-year life and a $27.000 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 Cost Estimated Market Value Percent of Total Total cost of Acquisition Apportioned Cost % % Building Land Land improvements Vehides % % % X % Total Required 13 >