On January 1, Mitzu Company 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. Bullding 2 will be an office and is appraised at $570,000, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $540,000 and is expected to last another 18 years with no salvage value. The land is valued at $1,890,000. The company also incurs the following additional costs. CostofadditionallandgradingCosttoconstruetBuilding3,havingausefullifeof25yearsanda$402,000salvagevalueCostofnewLandImprovenents2,havinga20-yearusefullifeandnosalvagevalue$341,400195,400262,000 roblem 8-3A (Algo) Part 3 Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Bulding 2. Noter; Enter debits before credits