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. $437100, land, $260,400;land improvements, $65100, and four vehicles, $167.400 Required: 1-a. Allocate the lumpsum purchase price to the separate assets porchased 1-5. 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 $31000 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 Score answer > d k