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 $840,000. The estimated market values of the purchased assets are building, $492,500; land, $256,100; land improvements, \$59,100; and four vehicles, $177,300. Required: l-a. Allocate the lump-sum purchase price to the separate assets purchased. I-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 $28,000 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. 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 $28,000 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-decliningpalance depreciation