Timberly Construction makes a lump$-$sum purchase of several assets on January $1$ at a total cash price of $$820,000.$ The estimated market values of the purchased assets are building, $$527,350$; land, $$308,450$; land improvements, $$49,750$; and four vehicles, $$109,450.$

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 $$31,000$ 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 $1$B

Required $2$

Required $3$

Allocate the lump$-$sum purchase price to th separate assets purchased.

$\backslash$table$[[\backslash$table$[[$Allocation of total$],[$cost$]],\backslash$table$[[$Estimated$],[$Market Value$]],$Percent of Total,$,\backslash$table$[[$Total cost of$],[$Acquisition$]],\backslash$table$[[$Apportioned$],[$Cost$]]],[$Building$,,,\%,,,],[$Land$,,,\%,,,],[$Land improvements,,,$\%,,,],[$Vehicles$,,,\%,,,],[$Total$,$$$,0,0,,,$$