Problem 8-3A Asset cost allocation; straight-line depreciation LO C1, P1 [The following information applies to the questions displayed below] On January 1, Mitzu Co. pays a lump-sum amount of $2,800,000 for land, Building 1. Building 2, and Land improvements 1 . Bullding 1 has no value and will be demolished. Building 2 will be an office and is appraised at $678,500, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $383,500 and is expected to last another 13 years with no salvage value. The land is valued at $1,888,000. The company also incurs the following additional costs roblem 83A Part 3 Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were use 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 2. Notet Enter debits belore credts. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 1 . Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 2. Note: Enter debits before credits