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Required information [The following information applies to the questions displayed below) On January 1, Mitzu Co 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 $549,000, with a useful life of 20 years and a $90,000 salvage value. Land Improvements 1 is valued at $732,000 and is expected to last another 24 years with no salvage value. The land is valued at $1769,000. The company also incurs the following additional costs. $ 347,400 119,400 Cost to demolish Building 1 Cost of additional land geading Cost to construct building, 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 2,282,000 173,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were nuse View transaction lit Journal entry worksheet Record the year and adjusting entry for the depreciation expense of Building 2 Note: Enter debts before credits Date General Journal Debit Credit Dec 31 Required information [The following information applies to the questions displayed below) On January 1, Mitzu Co 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 $549,000, with a useful life of 20 years and a $90,000 salvage value Land Improvements is valued at $732,000 and is expected to last another 24 years with no salvage value. The land is valued at $1,769,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading Cost to construct Building, having a useful life of 25 years and 5402,000 salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value $ 347,400 189,400 2,282.000 173,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3 Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Required information [The following information applies to the questions displayed below) On January 1, Mitzu Co 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 $549,000, with a useful life of 20 years and a $90,000 salvage value Land Improvements 1 is valued at $732,000 and is expected to last another 24 years with no salvage value. The land is valued at $1769,000. The company also incurs the following additional costs $ 347,400 189,400 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, eee salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 2,282,690 173,000 Using the straight line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were use View transaction list Journal entry worksheet 2 3 4 Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Note: Enter debits before credits Date General Journal Dobit Credit Dec 31 Required information [The following information applies to the questions displayed below) On January 1, Mitzu Co. 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 $549,000, with a useful life of 20 years and a $90,000 salvage value Land Improvements 1 is valued at $732,000 and is expected to last another 24 years with no salvage value. The land is valued at $1769,000. The company also incurs the following additional costs: $ 347,400 189,400 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 2,282,000 173.000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use View transaction list Journal entry worksheet