Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building, $511,500; land, $269,700; land improvements, $46,500; and four vehicles, $102,300.

Required: -part 1 already completed- 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.

Required Parts 1a and 1b have already been completed.

I need help with part 2, please.

Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased