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Timberly Constructionmakes a lump-sum purchase of several assets on January 1 at a...

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Accounting

Timberly Constructionmakes 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,
$506,150; land, $248,300; land improvements, $38,200; and four
vehicles, $162,350.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.PLease answer in thus format
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