Timberly Construction negotiates a lump-sum purchase of severalassets from a company that is going out of business. The purchaseis completed on January 1, 2017, at a total cash price of $830,000for a building, land, land improvements, and four vehicles. Theestimated market values of the assets are building, $485,100; land,$297,000; land improvements, $39,600; and four vehicles, $168,300.The company’s fiscal year ends on December 31. Required: 1-a.Prepare a table to allocate the lump-sum purchase price to theseparate assets purchased. 1-b. Prepare the journal entry to recordthe purchase. 2. Compute the depreciation expense for year 2017 onthe building using the straight-line method, assuming a 15-yearlife and a $32,000 salvage value. 3. Compute the depreciationexpense for year 2017 on the land improvements assuming a five-yearlife and double-declining-balance depreciation.

Compute thedepreciation expense for year 2017 on the land improvementsassuming a five-year life and double-declining-balancedepreciation.

	Depreciation expense on land improvements

Compute thedepreciation expense for year 2017 on the building using thestraight-line method, assuming a 15-year life and a $32,000 salvagevalue. (Round your answers to the nearest whole dollar.)

	Depreciation expense on building