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 $840,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $446,500; land. $247,000; land improvements, $47,500; and four vehicles, $209,000. The company's fiscal year ends on December 31. Required: 1-o. 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 $29.000 salvage value. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five year life and double-declining-balance depreciation 79 Complete this question by entering your answers in the tabs below. Required 1A Required 1B 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 Apportioned Cost S 446,500 $ Building Land Land improvements Vehicles Total 247,000 47,500 200,000 950,000 Percent of Total Total cost of Appraised Value Acquisition 47 % x $ 840,000 20% x $ 340,000 51% x $ 340,000 221% X $ 340,000 100% 394 800 218.400 42,000 184,800 840,000 S $