of 2 1:52:11 [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,800,000 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 $610,000, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $549,000 and is expected to last another 18 years with no salvage value. The land is valued at $1,891,000. 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 $398 Cost of new Land Improvements 2, having a 20-year useful life and no salv 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. View transaction list Journal entry worksheet < 1 2 3 Record the year-end adjusting entry for the depreciation expense of Building 2. Note: Enter debits before credits. Date December 31 General Journal Debit Credit