Timberly Construction makes a lump$-$sum purchase of several assets on January $1$ at a total cash price of $$800,000.$ The estimated market values of the purchased assets are building, $$501,800$; land, $$270,200$; land improvements, $$67,550$; and four vehicles, $$125,450.$

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 $$30,000$ salvage value.

$3.$ Compute the first$-$year depreciation expense on the land improvements assuming a five$-$year life and double$-$declining$-$balance depreciation. Required Information