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 $540,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $720,000 and is expected to last another 24 years with no salvage value. The land is valued at $1,740,000. The company also incurs the following additional costs.

Cost to demolish Building 1	$	339,400
Cost of additional land grading		187,400
Cost to construct Building 3, having a useful life of 25 years and a $402,000 salvage value		2,202,000
Cost of new Land Improvements 2 having a 20-year useful life and no salvage value		168,000
.

Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use

1. Record the year-end adjusting entry for the depreciation expense of Building 2

2. Record the year-end adjusting entry for the depreciation expense of Building 3

3. Record the year-end adjusting entry for the depreciation expense of Lands Improvement 1

4. Record the year-end adjusting entry for the depreciation expense of Lands Improvement 2