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 $840.000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $436,500; land, $291,000; land improvements, $38.800; and four vehicles $203,700. The company's fiscal year ends on December 31. Requlrec: 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 $31.000 salvage value. 3. Compute the depreciation expense for year 2018 on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below Req 1A Req 1B Req 2 Req 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. of total Estimated Market Value Estimated x Total cost of Acquisition cost Cost Market Value Building Land Vehicles Total