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. Building 2 will be an office and is appraised at $780,000, With a useful iffe of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $360,000 and is expected to last another 12 years with no salvage value. The land is valued at $1,860,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additelonal land grading cost of new Land improvements 2, having a 20-year useful iffe and no nalvage value 2. Prepare a single joumal entry to record all the incurred costs assuming they are paid in cash on January 1. Journal entiy worksheet Record the cost of the piant assets, paid in cash. Netel knery debito before aredits