Timberly Construction makes a lump$-$sum purchase of several

assets on January $1$ at a total cash price of $$850,000.$ The

estimated market values of the purchased assets are building,

$$458,150$; land, $$317,900$; land improvements, $$65,450$; and four

vehicles, $$93,500.$ 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.Complete this question by entering your answers

in the tabs below.$$