On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land tmprovements 1. Bullding 1 has no value and witl be demolished. Bullding 2 will be an office and is appraised at $570,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $600,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to denotish Building 1 cost of additional tand grading costtoconstructBuilding3,havingausefullifeof25yearsanda$402,000salvagevatue2,222,000168,000 cost of new Land Improvenents 2, having a 26-year useful tife and no salvage value 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 use. Journal entry worksheet 4 Record the year-end adjusting entry for the depreciation expense of Land Improvements 1 . Note: Enter debits before credits. On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Bulilding 1, Building 2, and Land Improvements 1. Bullding 1 has no value and will be demolished. Bultding 2 will be an office and is appraised at $570,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $600,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building 1 cost of additionat land grading costtoconstructBuilding3,havingausefullifeof25yearsanda$402,000salvagevatue2,222,4000 Cost of new Land Improvenents 2, having a 20-year usefut life and no salvage value 168,000 blem 8-3A (Algo) Part 3 sing the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were Journal entry worksheet 1 2 3 Record the year-end adjusting entry for the depreciation expense of Land Improvements 2. Note: Enter debits before credits. On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 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 $75,000 salvage value. Land Improvements 1 is valued at $600,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building 1 cost of additional land grading cost to construct Building 3 , having a useful life of 25 years and a $402,000 salvage value cost of new Land Improvements 2, having a 20-year useful life and no salvage value $346,400 193,400 2,222,000 168,000 oblem 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 use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 2. Note: Enter debits before credits. On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land improvements 1. Bullding 1 has no value and will be demollshed, Bullding 2 will be an office and is appraised at $570,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $600,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building 1 cost of additional land grading cost to construct Building 3 , having a useful life of 25 years and a $402,000 salvage value cost of new Land Improvements 2, having a 28-year useful tife and no salvage value $346,400 193,400 2,222,000 168,000 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 use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Bullding 3. Note: Enter debits before credits. On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land tmprovements 1. Bullding 1 has no value and witl be demolished. Bullding 2 will be an office and is appraised at $570,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $600,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to denotish Building 1 cost of additional tand grading costtoconstructBuilding3,havingausefullifeof25yearsanda$402,000salvagevatue2,222,000168,000 cost of new Land Improvenents 2, having a 26-year useful tife and no salvage value 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 use. Journal entry worksheet 4 Record the year-end adjusting entry for the depreciation expense of Land Improvements 1 . Note: Enter debits before credits. On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Bulilding 1, Building 2, and Land Improvements 1. Bullding 1 has no value and will be demolished. Bultding 2 will be an office and is appraised at $570,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $600,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building 1 cost of additionat land grading costtoconstructBuilding3,havingausefullifeof25yearsanda$402,000salvagevatue2,222,4000 Cost of new Land Improvenents 2, having a 20-year usefut life and no salvage value 168,000 blem 8-3A (Algo) Part 3 sing the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were Journal entry worksheet 1 2 3 Record the year-end adjusting entry for the depreciation expense of Land Improvements 2. Note: Enter debits before credits. On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 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 $75,000 salvage value. Land Improvements 1 is valued at $600,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building 1 cost of additional land grading cost to construct Building 3 , having a useful life of 25 years and a $402,000 salvage value cost of new Land Improvements 2, having a 20-year useful life and no salvage value $346,400 193,400 2,222,000 168,000 oblem 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 use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 2. Note: Enter debits before credits. On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land improvements 1. Bullding 1 has no value and will be demollshed, Bullding 2 will be an office and is appraised at $570,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $600,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building 1 cost of additional land grading cost to construct Building 3 , having a useful life of 25 years and a $402,000 salvage value cost of new Land Improvements 2, having a 28-year useful tife and no salvage value $346,400 193,400 2,222,000 168,000 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 use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Bullding 3. Note: Enter debits before credits