On January 1, Mitzu Company pays a lump-sum amount of $2,700,000 for land, Building 1, Buiding 2 , and Land Improvements 1. Building 1 has no value and will be demolished. Bulding 2 will be an oflice and is appraised at $578,500. with a vseful life of 20 yoars and a $80,000 salvage value. Land improvements 1is valued af $442,500 and is oxpected to last another 15 years with no salvage value. The land is valued at $1,829,000. The company also hcurs the following additional costs. Cost to denolish ballating 1 Cost of additional land groding 534,480 193,403 2,262,040 Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets weire n use. Journal entry worksheet Record the yearend adjusting entry for the depredation expense of Building 2. Notel Eiser debta before credea