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, $506,000; land, $294,400; land improvements, $46,000; and four vehicles, $73,600. 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 2018 on the building using the straight-line method, assuming a 15-year life and a $29,000 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. Reg 1A Req 1B Reg 2 Req3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Estimated Market Value Total cost of Acquisition Apportioned Cost Percent of Estimated Market x Value % x x $ 506,000 294,400 $ 840,000 $ 840,000 Building Land Land improvements Vehicles Total 46,000 x $ 840,000 x $ 840,000 73,600 920,000 % % $ 0