lomework Partl i Saved Required information View transaction list View journal entry worksheet No Date General Journal Debit Credit ! Required information [The following information applies to the questions displayed below.) On January 1, Mitzu Co. 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 $796,500, with a useful life of 20 years and a $70,000 salvage value. Land Improvements 1 is valued at $265,500 and is expected to last another 9 years with no salvage value. The land is valued at $1,888,000. The company also incurs the following additional costs. $ 341,400 193,400 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 2,202,000 178,000 Required: Required information 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. Allocation of purchase price Appraised Value Percent of Total Appraised Value Total cost of acquisition Apportioned Cost Land X - Building 2 Land Improvements 1 - Totals $ 0 0% $ 0 Land Building 2 Building 3 Land Improvements 1 Land Improvements 2 Purchase Price Demolition Land grading New building (Construction cost) New improvements Totals $ 0 $ 0 $ 0 $ 0 $ 0 ! Required information Journal entry worksheet Record the cost of the plant assets, paid in cash. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01 Record entry Clear entry View general journal S Dron vu ! Required information view transaction ist Journal entry worksheet