Timberly Construction negotiates alump sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2015 at a total cash price of 5830 000 for a building and land improvements and four whices. The estimated market values of the assets are building, 5501300 and 5328 100, and improvements, 557,900, and four vehides, 577 200. The company's fiscal year ends on December 31 Required: 1.1 Prepare a table to locate the lump-sum purchase price to the separate assets purchased Allocation of total Appraised Total Appraised Total cost of Acous Apportioned Cost $ Land 501.800 328,100 57.900 77 2001 965 000 improvements $ 09 1.2 Prepare the journal entry to record the purchase Verw transaction ist Journal entry worksheet Record the costs of lump sum purchase Enter der before credo an 01 ng Record entry Clear estry View general journal 2. Compute the depreciation expense for year 2015 on the building using the straight line method assuring a 15-year life and a $28.000 saage wave Round your answers to the nearest wholedo 3. Compute the depreciation expense for year 2015 e and double-declining balance depreciation etandimprovements assuming a five year 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, 2015, at a total cash price of $830,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $501,800; land, $328,100; land improvements, $57,900, and four vehicles, $77 200. The company's fiscal year ends on December 31. Required: 1.1 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost Building $ Land 501,800 328,100 57.900 77,200 965,000 improvements Vehicles Total $ 1.2 Prepare the journal entry to record the purchas View transaction list View journal entry worksheet Debit Crec No 1 Date Jan 01 Building Land Land improvements Vehicles Cash