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 $840000. The estimated market values of the purchased assets are building, $500,000, land, $270,000, land improvements, $40,000 and four vehicles. $190,000 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 531000 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 Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry View general journal 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 X Total cost of Apportioned Acquisition Cost Building de Land % x Land improvements % X % se Vehicles x 0 $ Total $ 0 % Brinca Required 1B > Complete this question by entering your answers in the tabs below. Required 1A Required 1B 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 (Required 2 Free 4. Compared to straight-line depreciation does accelerated depreciation result in payment of less total taxes over the asset's life? Is tax payments under coolerated depreciation