-wy s 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. Required: 1-0. 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 $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 Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of Total Cost Appraised Value Percent of Total Appraised Value Total cost of Acquisition Apportioned Cost Building Land Land improvements Vehicles Total nces Required 1B > Record the costs of lump-sum purchase. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal 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. Depreciation expense on land improvements (Required 2