Requied Iniormation [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 demollshed. Bullding 2 will be an office and is appraised et $660,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued ot $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,920,000. The company also incurs the following additional costs. Cost to demolish Bailding 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $402,000 alvage value Cost of new tand Improvenents 2 having a 20-year useful life and no salvage value 347,400 195,400 2,262,000 168, 0 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1 View transaction ist Journal entry worksheet Record the cost of the plant assets, pald in cash. Note: Enter debits before oredits Date General Journal Debit Credit Jan 01 Land Building 2 Bulding 3 Land improvements 1 Land improvements 2 Cash Record entry Clear entry View general journal