Set Help Seve Exit 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 $310.000 The estimated market values of the purchased assets are building, $475,300 tand. $291.000, and improvements, $38,800 and four vehicles, $164.900 2 2:59:20 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 $ 15-year life and a $30,000 age value Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-deciding-bolance depreciation och Complete this question by entering your answers in the tabs below, Required LA Required 10 Required 2 Required Allocate the lump-sum purchase price to the separate assets purchased Allocation of total Appraised Percent of Total Total cost of Apportioned cost Value Appraised Value Acquisition Cou Building 5 475,300 S 810 000 Land 201.000 19 $310.000 Land improvements 38300 5 810.000 Vehicles 164,900 S 810.000 Total $ 970,000 ON Required 18 ) Next >