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, $504,900; land, $316,800; land improvements, $59,400, and four vehicles, $108,900. Problem 8-1A Part 1-3 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 a 15-year life and a $32,000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Allocate the lump sum purchase price to the separate assets purchased. Appraised Value Total cost of Acquisition Apportioned Cost X Allocation of total cost Building Land Land improvements Vehicles Total Percent of Total Appraised Value % % % %6 % X x X Required 18 > Required 1A Required 18 Required 2 Required 3 Prepare the journal entry to record the purchase. View transaction list Journal entry worksheet A Record the costs of lump-sum purchase. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal 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 a 15 year life and a $32,00 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $32,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expenso on building 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 a 15-year life and a $ salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double declining-balar depreciation $ Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation. Depreciation expense on land improvements