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 $820,000. The estimated market values of the purchased assets are building, $457,700; land, $308,450; land improvements, $69,650; and four vehicles, $159,200. 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 $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. Allocate the lump-sum purchase price to the separate assets purchased. Journal entry worksheet Note: Enter debits before credits. 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. Note: Round your answer to the nearest whole dollar. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. 4. Compared to straight-line depreciation, does accelerated depreciation result in payment of less total taxes over the asset's life