Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $850,000. The estimated market values of the purchased assets are building, $443,900; land, $299,150; land improvements, $77,200 : and four vehicles, $144,750. Required: -a. Allocate the lump-sum purchase price to the separate assets purchased. 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 $32,000 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. Allocate the lump-sum purchase price to the separate assets purchased. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the buliding using the straight-line method, assuming a 15 -year life and a $32,000 salvage value. Note: Round your answer to the nearest whole dollar. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation