In January 2013, Mitzu Co. pays exist2, 600,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office: it is appraised at exist644,000, with a useful life of 20 years and an exist60,000 salvage value. A lighted parking lot near Building I has improvements (Land Improvements 1) valued at exist420,000 that are expected to last another 12 years with no salvage value. Without the buildings and improvements, the tract of land is valued at exist1, 736,000 The company also incurs the following additional costs: Cost to demolish Building 1 exist 328.400 Cost of additional land grading 175, 400 Cost to construct new building (Building 3), having a useful life of 25 years and a exist392.000 salvage value 2, 202,000 Cost of new land improvements (Land Improvements 2) near Building 2 having a 20-year useful life and no salvage value 164,000 Required Prepare a table with the following column headings: Land, Building 2, Building 3, Land Improvements 1, and Land Improvements 2. Allocate the costs incurred by Mitzu to the appropriate column (round percent's to the nearest 1%). Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, 2013. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the 12 months of 2013 when these assets were in use