Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $492,150; land, $250,900; land improvements, $48,250; and four vehicles, $173,700.

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.

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. Note: Round your answer to the nearest whole dollar. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Allocate the lump-sum purchase price to the separate assets purchased. Journal entry worksheet Note: Enter debits before credits. 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. Note: Round your answer to the nearest whole dollar. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Allocate the lump-sum purchase price to the separate assets purchased. Journal entry worksheet Note: Enter debits before credits