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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

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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, $474,300, land, $288,300; land improvements. $37.2003 and four vehicles, $130,200 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 18 Required 2 Required 3 Allocate the lump sum purchase price to the separate assets purchased, Apprained Value Percent of Total Appraised Valu Total cost of Acquisition Apportioned Cost Allocation of intal COS Building Land Land improvements Vehicles To x * $ O 0 Required 10 > Required 1A Required 1B Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction that Journal entry worksheet Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-6. Prepare the journal entry to record the purchase, 2. Compute the first-year depreciation expense on the building using the straight-fine 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. Frequired 1A Required 15 Required 2 Frequired 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation con penson and in Required a

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