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, $434,700; land, $302,400; land improvements, $56,700; and four vehicles, $151,200. equired: a. Allocate the lump-sum purchase price to the separate assets purchased. -b. Prepare the journal entry to record the purchase. . Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $30,00 alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance epreciation. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the purchase. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $30,000 salvage value. Note: Round your answer to the nearest whole dollar. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation