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 $850,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $462,950; land, $295,500; land improvements, $59,100; and four vehicles $167,450. 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 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2Required 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Allocation of total Appraised Value Percent of Total Appraised ValueX Total cost of Acquisition Apportioned Cost cost Building Land Land improvements Vehicles Total 01% Required 1A Required 1B> Required 1A Required 1B Required 2Required 3 Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining- balance depreciation Depreciation expense on land improvements Required 2 Required 3 A machine costing $215,400 with a four-year life and an estimated $19,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce 491,000 units of product during its life. It actually produces the following units: 122,200 in 1st year, 123,900 in 2nd year, 119,700 in 3rd year, 135,200 in 4th year. The total number of units produced by the end of year 4 exceeds the original estimate-this difference was not predicted. (The machine must not be depreciated below its estimated salvage value.) Required Compute depreciation for each year (and total depreciation of all years combined) for the machine under each depreciation method Round your per unit depreciation to 2 decimal places. Round your answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below Units of Straight LineProduction Compute depreciation for each year (and total depreciation of all years combined) for the machine under each Straight-line depreciation Straight-Line Depreciation Year Depreciation Expense 4 Total iinUnits of Straight Line Production DDB Compute depreciation for each year (and total depreciation of all years combined) for the machine under each Units of production.... Units of Production Depreciable Depreciation Depreciation per unit Year Units Expense 4 Total Units of Straight Lineproduction Compute depreciation for each year (and total depreciation of all years combined) for the machine under each Double declining-balance End of Period DDB Depreciation for the Period Beginning of Depreciation Depreciation Accumulated Expense Depreciation Year Period Book Book Value Rate Value 4