need to understand what is being debited and credited and why

Required information {The folio wing information appiies to the questions dispiayed below. Ji On January 1, Mitzu Co. pays a lump-sum amount of $2,550,000 for land, Building 1. Building 2, and Land lmprovements1. Building 1 has no value and will be demolished Building 2 will be an office and is appraised at $310,000, with a useful life of 20 years and a $85,000 salvage value. Land Improvements1 is valued at $390,000 and is expected to last another 13 years with no salvage value. The land is valued at $1,800,000. The company also incurs the following additional costs. Cost to demolish Building 1 $ 341,400 Cost of additional land grading 185,400 Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value 2,262,000 Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 168,000 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1. Journal entry worksheet Record the cost of the plant assets, paid in cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal