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Saved Help Save & Exit 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 $840,000. The estimated market values of the purchased assets are building. $423,000, land. $282,000: land improvements. $65,800 and four vehicles, $169,200 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 $29,000 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 IA Required 15 Required 2 Required 3 Allocate the lumpsum purchase price to the separate assets purchased. Allocation of total CON Estimated Market Value Porcent of Total Total cost of Acquisition Apportioned Cost x Building Land % 9 Land improvements Vehicles Total % % Required LA Required 1B Required 2 Required 3 Part 1 of 2 Prepare the journal entry to record the purchase. View transaction list 8 01:08:38 Journal entry worksheet 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 $29,000 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 18 Required 2 Required 3 Compute the first year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation Depreciation expense on land improvements