SET A hods Timberly Construction makes a lump sum purchase of several assets on January at a total cash price of 5900.000. The estimated market values of the purchased assets are building. $508.800 land, $297.600. land improvements, $28.800; and four vehicles. $124.800 Required 1. Alkscate the top sum purchase price to the separate assets purchased. Prepare the journal entry to ned the purchase 2. Compate the first-year depreciation expense on the building using the straight line method, assuming 15-year life and a $27.000 vage Value 3. Compute the first-year depreciation expense on the land improvements assuming a five year life and double declining balance depreciation