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 $840,000. The estimated market values of the purchased assets are building, $434,750: land, $296,000; land improvements, $37,000, and four vehicles, $157,250. 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 1B Required 2 Required 3 Allocate the lump sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost % X Building Land Land improvements Vehicles Total X X % % Required 18 > Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $840,000. The estimated market values of the purchased assets are building. $434750; land, $296.000; land improvements, $37,000; and four vehicles, $157,250. 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 1B Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction ist Journal entry worksheet 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 $840,000. The estimated market values of the purchased assets are building, $434,750; land, $296,000; land improvements, $37.000; and four vehicles, $157,250. 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 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. (Round your answer to the nearest whole dollar.) Depreciation expense on building 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 $840,000. The estimated market values of the purchased assets are building. $434,750; land, $296,000; land improvements, $37.000; and four vehicles, $157,250. 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 10 Required 2 Requiled 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation Depreciation expert on land reprovements