[The following information applies to the questions displayed belowj 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. $432400, land. $263,200; land improvements, $56,400; and four vehicles. $188.000. 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 $29.000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation Required: 1-8. 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 $29.000 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 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased Allocation of total COST Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost Building 90 Laprovements Required 13 > View transaction list Journal entry worksheet 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 land improvements assuming a five-year life and double-declining-balance depreciation Depreciation expense on land improvements Required 2