Xavier 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, 2011, 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, $451,200; land, $300,800; land improvements, $65,800; and four vehicles, $122,200. The company's fiscal year ends on December 31 Required: 1a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. (Round your percentage answers to the nearest whole number. Omit the "$" and "%" signs in your response.) Appraised value Percent of total Apportioned cost $ % (Click to select) (Click to select) (Click to select) (Click to select) Totals % $1 1b. Prepare the journal entry to record the purchase. (Omit the "$" sign in your response.) Debit Credit Date Jan. 1, 2011 General Journal (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 2. Compute the depreciation expense for year 2011 on the building using the straight- line method, assuming a 15-year life and a $31,000 salvage value. (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Depreciation expense on building 3. Compute the depreciation expense for year 2011 on the land improvements assuming a five-year life and double-declining-balance depreciation. (Omit the "$" sign in your response.) Depreciation expense on land Improvements $