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, $530,750, land, $289,500, land improvements, $48,250 and four vehicles, $96,500. 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. Required 1A Required 18 Required 2 Required 3 re 2 of 14 Next > Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Appraised Value Percent of Total Appraised Value Cost Total cost of Acquisition Apportioned Cost Building Land Land improvements Vehicles Total Required 1B > Prev 1 2 of 14 !! Next > ny ommation Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01 U Record entry Clear entry View general journal Next > Required information uvy. " 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 1B Required 2 Required 3 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. (Round your answer to the nearest whole dollar) Depreciation expense on building Prev 1 2 of 14 Next > Required information vy 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 1B Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation. Depreciation expense on land improvements