Un nco het to the work you have completed so far. It does not Indicate compl Timberly Constructio is completed on January 1, 2017, 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. $533,500; land, $261,900; land improvements, $67,900; and four vehicles $106,700. The company's fiscal year ends on December 31. n negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase 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 $30,000 salvage value. 3. Compute the depreclation expense for year 2017 on the land improvements assuming a five-year life and double-declining-balance depreciation. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and balance depreciation. double-declining- tion expense on land improvements 27,160 Prev 5 of 7B Next> 94 3