Timberly construction makes a lump-sum purchase of several assets on january 1 at a total cash price of $810,000. the estimated market values of the purchased assets are building, $463,050; land, $255,150; land improvements, $56,700; and four vehicles, $170,100. 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 $31,000 salvage value. 3. compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.