Timberly Construction negotiates a lump sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017 at a total cash price of $800,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $444,000; land, $259,000 land improvements, $37,000, and four vehicles, $185,000. The company's fiscal year ends on December 31 Required: 1-a. Prepare a table to allocate the lump sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase 2. Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. 3. Compute the depreciation expense for year 2017 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 18 Required 2 Required 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost %6 X % Building Land 1 and immuemente %