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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 bullding. $477,750; land, $292,500; land improvements, $39,000; Required: 1-a. Allocate the lump-sum purchase price to the seporate assets purchased. 1.b. Prepare the journal entry to record the purchase, 2. Compute the firstyear depreciation expense on the building using the stralght. lline method, assuming a 15 year life and a $29,000 salvoge value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-deciining-balance depreciation. depreciation. Answer is not complete. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Allocate the lump-sum purchase price to the separate assets purchased. (x) Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the purchase. 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 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and do depreclation. X Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the bullding using the straight-line method, assuming a 15 -year $29,000 salvage value. (Round your answer to the nearest whole dollar.) 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 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and depreciation. Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the first-year depreclation expense on the land improvements assuming a five-year life and double-d depreciation