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 $810,000. The estimated market values of the purchased assets are building. $529,200, land, $303,800, land improvements, $39,200, and four vehicles, $107800 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 $29,000 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, 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 Estimated Market Value Percent of Total Total cost of Apportioned Acquisition Cost Building % Land % X Land improvements % X Vehicles % X x Total $ 0 0 % $ 0 Required 1A Required 1B > Journal entry worksheet Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation Depreciation expense on land improvements