Timberly Contrustion manes a lump-sum purchase of several assets on January 1 at a totak cash price of $810,000. The estimated market values of the purchased assets are building, $475,200; land, $267,300; land improvements, $49,500; and four vehicles, 198,000.

Required information [The following information applies to the questions displayed below.) Timberly Construction makes a lump sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building. $475,200, land, $267.300: land improvements, $49,500; and four vehicles, $198.000. Required: 1-o. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first year depreciation expense on the building using the straight line method, assuming a 15 year life and a $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five year life and double declining balance depreciation Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Estimated Market Value Percent of Total X Total cost of Acquisition Apportioned Cost Building % % X Land % Land improvements % Vehicles % X Total $ 0 0 % $ 0 Journal entry worksheet