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 $830,000. The estimated market values of the purchased assets are building, $446,400; land, $241,800; land improvements. $37,200; and four vehicles, $204,600. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1.b. Prepare the joumal 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 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 Record the costs of lump-sum purchase. Note: Enter debits beforlt credits. [the lollownig imormation appines to the questions ansprayea derow.j Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building. $446,400; land, $241,800; land improvements, $37,200; and four vehicles, $204,600. 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 15year life and a $30,000 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. Compute the first-year depreciation expense on the bullding using the straight-line method, assuming a 15 -year life and a $30,000 salvage value? Note: Round your answer to the nearest whole dollar. [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 $830,000. The estimated market values of the purchased assets are building, $446,400; land, $241,800; fand improvements, $37,200; and four vehicles, $204,600. 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 $30,00 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. Compute the first-year depreciation expense on the land improvements assumifig a five-year life and double-decliningbalance depreciation, 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 $830,000. The estimated market values of the purchased assets are bullding, $446,400; land, $241,800; land improvements, $37,200; and four vehicles, $204,600 4. Compared to straight-line depreciation, does accelerated depreclation result in payment of less total taxes over the asset's life