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[The following information applies to the questions displayed below.) 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 $690,000, with a useful life of 20 years and a $75,000 salvage value. Land improvements 1 is valued at $450,000 and is expected to last another 15 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 $ 346,400 Cost of additional land grading 189,400 Cost to construct Buliding 3, having a useful 11fe of 25 years and a $400,000 salvage value 2,202,000 Cost of new Land Improvements 2, having a 20-year useful life and no salvage value 178,000 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. Allocation of Purchase Price Appraised Value Percent of Total Appraised Value Total cost of acquisition Apportioned Cost $ x Land Buliding 2 Land Improvements 1 Totals 2,750,000 690,000 450,000 3,890,000 $ 2,750,000 2,750,000 2,750,000 x $ 0% $ 0 Land Land Building 2 Building 3 Improvements 1 Land Improvements 2 Purchase Price namelitian Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column Allocation of Purchase Price Appraised Value Percent of Total Appraised Value Total cost of acquisition Apportioned Cost $ X X Land Building 2 Land Improvements 1 Totals 2.750,000 690,000 450,000 3.890,000 $ 2,750,000 2,750,000 2,750,000 X $ 0% $ 0 Land Building 2 Building 3 Land Improvements 1 Land Improvements 2 Purchase Price Demolition Land grading New building (Construction cost) New improvements Totals $ 0 $ 0 $ 0 $ 0 0 $ 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1. 13 View transaction list Journal entry worksheet 1 Record the cost of the plant assets, paid in cash. Note: Enter debits before credits Date General Journal Debit Credit January 01 Recordator Canto Vinnum