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, 2018, at a total cash price of $820,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $457,500; land, $292,800; land improvements, $27,450, and four vehicles, $137.250. The company's fiscal year ends on December 31 9 42 Required 1-a. Prepare a table to allocate the lump-sum purchase price to the separete 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 streight-line method, assuming a 15-year life and a $30,000 salvage value. 3. Compute the depreciation expense for year 2018 on the land improvements assuming a five-year life and double-declining-balance depreciation. ok Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2 Req 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. tion of total Estimated Percent ofTotal cost of Apportioned Cost Market Value Estimated Acquisition cost Market Value Building Land Land improvements Vehicies