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, $470,000; land, $244,400; land improvements, $28,200; and four vehicles, $197,400. Problem 10-1A Part 1-3 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. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Building Land Land improvements Vehicles Total Appraised Value $ 470,000 244,000 28,200 197,400 $ 939,600 Percent of Total Total cost of Apportione Appraised Value Acquisition Cost % x $ 810,000 % $ 810.000 % x $ 810,000 $ 810.000 0 % $ RA Required 1B equired 1A Required 1B Required 2 Required 3 repare the journal entry to record the purchase. View transaction list Journal entry worksheet 1 Record the costs of lump-sum purchase. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01 Record entry Clear entry View general je Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 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. (Round your answer to the nearest whole dollar) Depreciation expense on building