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 $900,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. 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 $27,000 salvage value. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double- declining-balance depreciation. Apportioned Cost Allocation of Total Appraised Value Percent of Total Total cost of Acquisition Cost Appraised Value % X Building Land Land improvements %X Vehicles Total Record the costs of lump-sum purchase. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Compute the depreciation expense for year 2017 on the building using the straight-line method, assuming a 15-year life a a $27,000 salvage value. Depreciation expense on building Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining balance depreciation Depreciation expense on land improvements