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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 building, $439,300; land, $296,050; land improvements, $38,200; and four vehicles, $181,450.

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 building. $439,300; land, $296,050 : land improvements, $38,200; and four vehicies, $181,450. 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 buliding 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. Compute the first-year depreciation expense on the land improvements assuming o five-year life and double-declining-baiance Allocate the lump-sum purchase price to the separate assets purchased. Journal entry worksheet Note: Enter debits before credits. 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 $29,000 salvage value. (Round your answer to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. 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 building, $439,300; land, $296,050; land improvements, $38,200; and four vehicles, $181,450 equired: a. Allocate the lump-sum purchase price to the separate assets purchased. b. Prepare the journal entry to record the purchase. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15 -year life and a $29,000 alvage value. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance epreciation

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