On January 1, Mitzu Company pays a lump sum amount of $2,750,000 for tand, 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 $630,000, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $510,000 and is expected to last another 17 years with no salvage value. The land is valued at $1,860,000. The company also incurs the following additional costs. Cost to demolish Building 1 cout of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $398,000 salvage value Coat of new Land Improvements 2, having a 20-year useful life and no malvage value $ 341,400 187.400 2,262,000 173,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. N 3 4 > Record the year-end adjusting entry for the depreciation expense of Building 2. Note: Enter debits before credits. General Journal Debit Credit Date December 31 + Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Journal entry worksheet