Timberly Construction makes a lump$-$sum purchase of several assets on January $1$ at a total cash price of $$800,000.$ The estimated market values of the purchased assets are building, $$519,400$; land, $$274,400$; land improvements, $$29,400$; and four vehicles, $$156,800.$

Problem $8-1$A $($Algo$)$ 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 $15-y$ ear life and a $$29,000$ salvage value.