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[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, $297,600, land improvements, $28,800; and four vehicles, $124,800. 2 8:42 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-5. 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. + ces Required 1A Required 15 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of Total Cont Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost $ Building Land Land improvements Vohides Total 508,800 297,600 28,800 124,800 960,000 % X % X 9 X % 01% $ $ 0 Prey 1 2 of 5 !!! Next > View transaction list Journal entry worksheet Book Complete this question by entering your answers in the tabs below. Print Required 1A Required 1B Required 2 Reagged 3 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 expenso on building 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 land improvements assuming a five-year life and double-declining- balance depreciation. inces Doprocation experts on and improvements