Timberly Construction negotiates a lump-sum purchase of several assets from a company thet is going out of business. The purchase is completed on January 1, 2018, 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, $297600; land improvements, $28,800; and four vehicles, $124,800. The company's fiscal year ends on December 31. points 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 2018 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 2018 on the land improvements assuming a five-year life and double-declining-balance Print Complete this question by entering your answers in the tabs below. Req 1AReq 18 Req 2 Req 3 pure Prepare a table to allocate the lump-sum purchase price to the separate assets Estimated EstimatedAcquisition Market Value Cost Cost 900,000 Building Land %1x $ 900.000 900,000 53|% Total Prev 10, 1 Next