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,

$$506,150$; land, $$248,300$; land improvements, $$38,200$; and four

vehicles, $$162,350.$Required:

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$1-$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.PLease answer in thus format

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