Skip to question$[$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 $$830,000.$ The estimated market values of the purchased assets are building, $$472,500$; land, $$321,300$; land improvements, $$47,250$; and four vehicles, $$103,950.1-$a$.$ Allocate the lump$-$sum purchase price to the separate assets purchased$\mathrm{.}1-$b$.$ Prepare the journal entry to record the purchase$\mathrm{.}2.$ Compute the first$-$year depreciation expense on the building using the straight$-$line method, assuming a $15-$year life and a $$28,000$ salvage value$\mathrm{.}3.$ Compute the first$-$year depreciation expense on the land improvements assuming a five$-$year life and double$-$declining$-$balance depreciation.