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 $810,000. The estimated market values of the purchased assets are building, $460,000; land, $303,600; land improvements, $64,400; and four vehicles, $92,000. Pequired: -a. Allocate the lump-sum purchase price to the separate assets purchased. -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 $30,000 alvage value. . Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance lepreciation. Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01 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) Depreciation expense on building 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