[The following information applles to the questions displayed below.] TImberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $840,000. The estimated market values of the purchased assets are bullding, $432,400; land, $282,000; land Improvements, $37,600; and four vehicles, $188,000. Required: -a. Allocate the lump-sum purchase price to the separate assets purchased. -b. Prepare the journal entry to record the purchase. . Compute the first-year depreclation expense on the bullding using the straight-IIne method, assuming a 15 -year life and a $31,00 alvage value. Compute the first-year depreclation expense on the land Improvements assuming a five-year life and double-declining-balance epreclation. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $31,000 salvage value. (Round your answer to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation