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Required information [The following information applies to the questions displayed below.] 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. Building 2 will be an office and is appraised at $590,000, with a useful life of 20 years and a $70,000 salvage value. Land Improvements 1 is valued at $619,500 and is expected to last another 21 years with no salvage value. The land is valued at $1,740,500. 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 $398,000 salvage value 2,262,000 Cost of new Land Improvements 2, having a 20-year useful life and no salvage value 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1. Journal entry worksheet Record the cost of the plant assets, paid in cash. Note: Enter debits before credits