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Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $900,000 for a build- ing, land, land improvements, and four vehicles. The estimated market values of the assets are building P Plan ep C1 cal year ends on December 31. Required 1. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased (round per- cents to the nearest 1%). Prepare the journal entry to record the purchase. 2. Compute the depreciation expense for year 2017 on the building using the straight-line method, as- c suming a 15-year life and a $27,000 salvage value. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining-balance depreciation. Analysis Component 4. Defend or refute this statement: Accelerated depreciation results in payment of less taxes over the asset's life