3 Part 3 of 3 14.28 points look On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $660,000. with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $510,000 and is expected to last another 17 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building I Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $398,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value $340,400 191,400 2,242,000 173,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. View transaction list References 1 Record the year-end adjusting entry for the depreciation expense of Building 2. juilding 2 Record the year-end adjusting entry for the depreciation expense of Building 3. 3 Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Credit Record the year-end adjusting entry for the depreciation expense of Land Improvements 2. Check my work