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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 $850,000. The estimated market values of the purchased assets are building, $450,800; land, $303,800; land improvements, $68,600; and four vehicles, $156,800. Required: 1.a. Allocate the lump-sum purchase price to the separate assets purchosed. 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-deciling-balance depreciation. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased. Journal entry worksheet Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the building using the stralght-line method, assuming a 15 -year life and a $30,000 salvage value. (Round your answer to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-deciningbalance depreciation

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