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, $475,300, land, $291,000; land improvements, $38,800, and four vehicles. $164.900. Problem 10-1A Part 1-3 Required: 1-0. 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 $28,000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the land improvements assuming a five-year life and double depreciation. diation. Depreciation expense on land improvements