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, $478,400; land, $239,200; land improvements, $36,800; and four vehicles, $165,600. 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 $30,000 salvage value. 3. 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 Record the costs of lump-sum purchase. Note: Enter debits before credits. 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 $30,000 salvage value. (Round your answer to the nearest whole dollar.) 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