On January 1, Mitzu Co. pays a lump-sum amount of $2,750,000 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 5610,000, with a useful life of 20 years and a $80,000 salvage value Land Improvements is valued at $671,000 and is expected to last another 22 years with no salvage value. The land is valued at $1769,000. The company also incurs the following additional costs. $ 339,400 185,400 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 2,222,000 168,000 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1 View transaction list Journal entry worksheet