Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $850,000. The estimated market values of the purchased assets are building. $513,000; land, $294,500, land improvements, $38,000, and four vehicles, $104,500 Problem 8.1A (Algo) Part 1.3 Required: 1-a. Allocute 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 $31, o00 salvage value 3. Compute the first-year depreciation expense on the land iniprovements assuming a five-year life and double-decuning-balance depreciotion locate the lump-sum purchase price to the separate assets purchased. Journal entry worksheet Record the costs of lump-sum purchase. Wotez Enter debis before credits. ompute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a 31,000 salvage value. ioter Round your answer to the nearest. whole dollar. Compute the firstyear depreciation expense on the land improvements assuming a fiveryear life and double-declining-balance deprectation Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $850,000. The estimated market values of the purchased assets are building. $513,000; land, $294,500, land improvements, $38,000, and four vehicles, $104,500 Problem 8.1A (Algo) Part 1.3 Required: 1-a. Allocute 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 $31, o00 salvage value 3. Compute the first-year depreciation expense on the land iniprovements assuming a five-year life and double-decuning-balance depreciotion locate the lump-sum purchase price to the separate assets purchased. Journal entry worksheet Record the costs of lump-sum purchase. Wotez Enter debis before credits. ompute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a 31,000 salvage value. ioter Round your answer to the nearest. whole dollar. Compute the firstyear depreciation expense on the land improvements assuming a fiveryear life and double-declining-balance deprectation