Prepare the journal entry to record the purchase. Journal entry worksheet Note: Enter debits before credits. 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 $820,000. The estimated market values of the purchased assets are building. \$506,150; land, \$296,050; land improvements, \$28,650; and four vehicles, $124,150. 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 Mfe and a $28,000 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. Allocate the lump-sum purchase price to the separate assets purchased. Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, \$506,150; land, \$296,050; land improvements, \$28,650; and four vehicles, $124,150. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Propare 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 $28,000 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. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $28,000 salvage value. Note: Round your answer to the nearest whole dollar