In January 2017, 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 a exist60,000 salvage value. A lighted parking lot near Building 1 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: Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, 2017. Record the cost of the plant assets, paid in cash