On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Bulliling 1, Building 2, and Land Improvements 1. Bullding 1 has no value and will be demolished. Building 2 will be an office and is appralsed at $762,500, with a useful life of 20 years and a $85.000 salvage value. Land improvements 1 is valued at $518.500 and is expected to last another 17 years with no salvage value. The land is valued at $1.769.000. The company also incurs the following additional costs. 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 2. Note: Enter debits before credits