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, $448,800; land, $308,550; land improvements, $37,400; and four vehicles, $140,250. 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-decining-balance depreciation. 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 $29,000 salvage value. Timberly Construction makes a lump-sum purchase of severat assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are buliding. $448,800; land, $308,550; land improvements. $37,400. and four vehicles, $140,250. 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 15year 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. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased. and loor vehicies $90200 Bequired: 1-2. Alocite the Nimp- wum puchase price to the separaleasurts purtlaned 16. Prepace the jourmat enthy to tocers the purchase. sabrape velue. depreciation. Complate this queation by entering rour anwern in the tahs below. Journal entry worksheet 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. $448,800; land, $308,550; land improvements, $37,400; and four vehicles, $140,250. 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. 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