On January 1, Mitzu Company pays a lump-sum amount of $2,700,000 for land, 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 $671,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $610,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,769,000. The company also incurs the following additional costs. Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. Journal entry worksheet Record the cost of the plant assets, paid in cash. Note: Enter debits before credits. On January 1, Mitzu Company pays a lump-sum amount of $2,700,000 for land, 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 $671,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $610,000 and is expected to last another 20 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 yea hese assets were in use. 1 Record the year-end adjusting entry for the depreciation expense of Building 2. 2 Record the year-end adjusting entry for the depreciation expense of Building 3 . 3 Record the year-end adjusting entry for the depreciation expense of Land Improvements 1