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Timberly Construction negotiates a lump-sum purchase of severalassets from a company that is going out of business. The purchaseis completed on January 1, 2017, at a total cash price of $850,000for a building, land, land improvements, and four vehicles. Theestimated market values of the assets are building, $537,300; land,$268,650; land improvements, $59,700; and four vehicles, $129,350.The company’s fiscal year ends on December 31.Required:1-a. Prepare a table to allocate the lump-sumpurchase price to the separate assets purchased.1-b. Prepare the journal entry to record thepurchase.2. Compute the depreciation expense for year 2017on the building using the straight-line method, assuming a 15-yearlife and a $31,000 salvage value.3. Compute the depreciation expense for year 2017on the land improvements assuming a five-year life anddouble-declining-balance depreciation.