On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Bulleling 2, and Land Improvements 1 . Bullding 1 has no value and will be demolished. Building 2 will be an office and is appraised at $708,000, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,829,000. The company also incurs the following additional costs. Problem 8-3A (Algo) Part 2 2. Prepare a single journat entry to record all the incurred costs assuming they are paid in cash on January 1