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, $506,150; land, $257,850; land improvements, $66,850; and four vehicles, $124,150. Required: -a. Allocate the lump-sum purchase price to the separate assets purchased. -b. Prepare the journal entry to record the purchase. . Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance lepreciation. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased