Chapter 10 Study Guide 1 Part 1 of 2 10 points Skipped Saved 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, $508,750; land, $277,500; land improvements, $37,000; and four vehicles, $101,750. eBook Print Required: 1-a. 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. References Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Appraised cost Value Percent of Total Appraised Value x Total cost of Acquisition Apportioned Cost Building % x Land % x Land improvements Vehicles Total % x % x $ 0 0% $ 0 < Required 1A Required 1B >