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 $850,000. The estimated market values of the purchased assets are building, $477500, land, $286,500, land improvements, $76,400 and four vehicles, $114,600 Required: 1-a. Allocate the lumpsum purchase price to the separate ossets 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 Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 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, 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 X S 015 0 View transaction list Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits General Journal Data Jan 01 Debit Credit Record entry Clear entry View general journal 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 $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. 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