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 $800,000. The estimated market values of the purchased assets are building, $487,600; land, $266,800; land improvements, $55,200; and four vehicles, $110,400. 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 $31,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value x Apportioned Cost $ $ 0X Building Land Land improvements Vehicles Total 487,600 266,800 55,200 110,400 920,000 Percent of Total Appraised Value 0% % 0 % 6 % 20 % % 26 X X * X Total cost of Acquisition $ 800,000 $ 800,000 $ 800,000 $ 800,000 Oo o $ $ & Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Prepare the journal entry to record the purchase. No Date General Journal Credit Jan 01 Building Land Land improvements Debit 0X 0X 08 Vehicles 0 x Cash 800,000 & Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building & Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 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