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, $507,600; land $310,200; and improvements, $75,200; and four vehicles, $47,000. 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 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 Apportioned Acquisition Cost Building Land Land improvements Vehicles Total 1% x % % % Rocuired 1A Required 1B > Required 1A Required 1B Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet 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 land improvements assuming a five-year life and double-declining- balance depreciation. Depreciation expense on land improvements