Questions 1a, 1b, 2 and 3.

Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building. $541,750; land, $305,350; land improvements, $29,550; and four vehicles, $108,350. 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. Complete this question by entering your answers in the tabs below. Required 1A Required 181 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total Total cost of Acquisition cost Building Land Land improvements Vehicles Total Estimated Market Value Percent of Total % % % % % X Apportioned Cost VA