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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 $900,000. The estimated market values of the purchased assets are building. $508,800; land, $297600 land improvements, $28,800 and four vehicles, $124,800 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 $27,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation Complete this question by entering your answers in the tabs below. Required 3 Required 1A Required 18 Required 2 Allocate the lump-sum purchase price to the separate assets purchased Apportioned Cost Allocation of Total Cost Appraised Value Percent of Total Appraised Value Total cost of Acquisition Building 508,800 % x 297,600 28,800 Land % x % x | Land improvements Vehicles 124,800 %x 960,000 0 0 % Total Resjuled A Required 1B Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $900,000. The estimated market values of the purchased assets are building. $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. 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 $27,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $27,000 salvage value. Depreciation expense on building