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, $507,600; land, $253,800; land improvements, $47.000; and four vehicles, $131,600. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-6. 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. Required 1A Required 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased Allocation of total Appraised Percent of Total Total cost of cost Value Appraised Value Acquisition Building % Land Land improvements Vehicles Apportioned Cost X