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, $465,600; land, $261,900; tand improvements, $58,200; and four vehicles, $184,300. 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 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 X Total cost of Acquisition Apportioned Cost Percent of Total Appraised Value % % % Building Land Land improvements Vehicles Total X X x $ % 0% 0 0