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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 $830,000. The estimated market values of the purchased assets are building, $448,500; land, $263,250; land improvements, $39,000; and four vehicles, $224,250. 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 $31,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. > Answer is complete but not entirely correct. Building Land Land improvements Vehicles Total 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 Estimated Market Value Percent of Total X Total cost of Acquisition total cost $ 448,500 47 X % X $ 263,250 31 X % X $ 39,000 4 % $ 224,250 18 X % $ $ 975,000 % 100 X X Apportioned Cost 830,000 $ 830,000 830,000 830,000 $ 390,100 X 257,300 X 33,200 149,400 X 830,000 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 $31,000 salvage value. (Round your answer to the nearest whole dollar.) Depreciation expense on building $ 23,940 X