Timberly Construction makes a lump sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building, $427800; land, $260,400, land improvements, 565100, and four vehicles. $176.700. 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 $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. 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 COSE Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost 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 Complete this question by entering your answers in the tobs below. Required 1A Required 18 Required 2 Required a 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. (Round your answer to the nearest whole dollar.) Depreciation expense on building 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 ite and a $29.000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year Me and double declining balance depreciation Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining- balance depreciation. nereciation expense on land improvements