[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 $900,000. The estimated market values of the purchased assets are bullding, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. Required: -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 $27,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreclation. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased