Chapter 8 Homework Help Save & Exit Check Timberly 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, 2017, at a total cash price of $820,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $423,200, land, $294,400, land improvements, $36.800; and four vehicles, $165,600. The company's fiscal year ends on December 31 8.33 points 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 depreciation expense for year 2017 on the land improvements assuming a five-year life and double declining balance depreciation P References Complete this question by entering your answers in the tabs below. Required A Required 18 Required 2 Required 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Allocation of total cost Appraised Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost Bulang OS