Timberly Construction makes a lump sum purchase of several assets on January 1 at a total cash price of $840,000. The estimated market values of the purchased assets are building, $523,800; land, $329,800; land improvements, $29,100; and four vehicles. $87,300 Required: 1-o. 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 15 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 530,000 salvage value. (Round your answer to the nearest whole dollar) Depreciation expense on building