On January 1, Mitzu Co. 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 $720,000, with a useful life of 20 years and a $75,000 salvage value. Land improvements is valued at $480,000 and is expected to last another 16 years with no salvage value. The land is valued at $1,800,000. The company also incurs the following additional costs $ 347,400 187,400 Cost to demolish Building 1 Cont of additional land grading Cost to construct Building 3, having a uneful ifto of 25 years and a $402,000 salvage value Cost of new and improvements ? having a 20-year useful to and no salvage value 2,282,000 173.000 onces 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 > 1 Record the cost of the plant assets, paid in cash