Required information The following information applies to the questions displayed below) Timberly Construction makes a lump-tum purchase of several assets on January 1 ota total cash price of $810.000. The estimated market values of the purchased assets are building, S451200, land, $316,800,food improvements, 557,600 and four vehicles. 5134.400. Required: 1-6. Allocate the lumpsum 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. Recured 1A Requirt 16 Required 2 Required Compute the first year depredation expense on the land improvements assuming a five care and double declining balance depreciation Depreciation exponent Pre 12 of II Next > to search o RI 8 OP