6 Part 3 of 3 10 points! eBook Print References Mc Required information [The following information applies to the questions displayed below.] 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 $701,500, with a useful life of 20 years and a $70,000 salvage value. Land Improvements 1 is valued at $518,500 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 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value View transaction list Check my work View journal entry worksheet 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. S $ 339,4 189,4 2,262,0 168,0

Required information The fallowing information applies to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Buliding 1, Bullding 2, and Land improvements 1. Building 1 has no value and will be demolished. Bullding 2 will be an office and is appralsed at $701,500, with o useful life of 20 years and a $70,000 salvage value. Land Improvements 1 is valoed ot $518,500 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 denolish tuilding 1 Cost of additional land grading cest to construct Iuildine 3 , having a useful life of 26 years and a 3400,000 salvage value cost of new tand Inprovements 2 , having a 20 -year useful life and no salvage value 5339,4 189,4 2,962;a 100,0 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use