Help Save & Exit Check m Timberly Construction negotietes 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 $800,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $475,200, land, $316,800; land Iimprovements, $49,500, and four vehicles, $148,500. The company's fiscal year ends on December 31. 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-ine method, assuming a 15-year life and a $29,000 salvage value. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and double-declining-balance Complete this question by entering your answers in the tabs below Required 1A Reqired 18 Required 2 Required 3 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased of Total Appraised ValueA of total Prev 1 of 6 Next > 888 Fa 8 9 5 3