Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 (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 $800,000. The estimated market values of the purchased assets are building, $492,150; land, $270,200; land improvements, $67,550; and four vehicles. $135,100 Problem 8-1A (Algo) Part 1-3 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 $29,000 salvage value 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining balance depreciation Required: 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 $29,000 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 a required 1B Required 2 Required 3 Allocate the Hequired IA purchase price to the separate assets purchased. Allocation of total Estimated Total cost of Apportioned cost Market Value Percent of Total Acquisition Cost Building $ 429,750 O $ 800,000 $ 360,000 Land 248,300 0 % $ 800,000 208,000 Land improvements 47,750 0 % $ 800,000 40,000 Vehicles 229.200 0 % 5 800,000 192,000 Total $ 955.000 0 % $ 000,000 Required 10 >