Timberly Construction makes a lump-sum purchase of several assets on Jonvary 1 at a total cash price of $900.000. The estimated market volues of the purchased assets are bullding, $508,800, land, $297,600, land improvements, $28,800. and four vehicles, $124,800. Required: 1.e. Allocate the lump sum purchase price to the separate assets purchased. 1.b. Prepare the joumal entry to record the purchase. 2. Compute the lirst-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $27.000 tsalvage 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. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to fecord the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $27,000 salvage value. 3. Compute the first-year depreciation expense on the land improvement assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase. Journal entry worksheet Note: Enter debits before credits. 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 $27,000 solvage 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. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $27,000 salvage value. 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 $27,000 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. Compute the first-year depredation expense on the land improvements assuming a five-year life and double-declining-balance depreciation