Required information [The following information applies to the questions displayed beiow] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $900,000. The estimated market values of the purchased assets are building. $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. 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 buliding using the straight-line method, assuming a 15y ear life and a $27,000 salvage value, 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. 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 $27,000 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. Allocate the lump-sum purchase price to the separate assets purchased. 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 $27,000 salvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation