Required information The following information applies to the questions displayed below.) Timberly Construction makes a lump sum purchase of several Issets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building, $496,600: land, $296,050; and improvements, $47.750; and four vehicles, $114,600. 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 $31,000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 3 Required 2 Required 1B Required 1A Next