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, $441,800; land, $263,200; land improvements, $65,800; and four vehicles, $169,200. 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 $30,000 alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance epreciation. Allocate the lump-sum purchase price to the separate assets purchased. 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. (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