Retur 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 $810,000. The estimated market values of the purchased assets are building, $448,850; land, $276,950; land improvements, $66,850; and four vehicles, $162,350. 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 $3 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balan depreciation. Answer is complete but not entirely correct. 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. omniTA TA TIST.voar nonreriarinn ayneneenn no niin tieinn ne Trainino motnnn netimin Required information ucpccious. Answer is complete but not entirely correct. 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. Appraised Value Percent of Total Appraised Value X Aptortioned Cost Total cost of Acquisition $ 810,000 $ 810,000 $ Allocation of total cost Building Land Land improvements Vehicles $ 448,850 276,950 380,700 251,100 X 47 % 31 % 4 % 18 % 100 % $ 810,000 32,400 66,850 162,350 $ 955,000 $ 810,000 145,800 $ 810,000 Total