Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. 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. Required information [The following information applies to the questions displayed below] "On January 1, Mitzu Company pays a lump-sum amount of $2,800,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Bullding 2 will be an office and is appraised at $549,000. with a useful life of 20 years and a $85,000 salvage value. Land improvements 1 is valued at $579,500 and is expected to last another 19 years with no salvage value. The land is valued at $1,921,500. The company also incurs the following odditional costs. Cost to demolish butlding 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $398, 000 salvage vatue Cost of new Land Inprovements 2, having a 20 -year usefut iffe and no satvage value 5347,400 187,400 2,222,000 168 , e0 Required information [The following information applies to th questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,800,000 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 $85,000 salvage value. Land Improvements 1 is valued at $579,500 and is expected to last another 19 years with no salvage value. The land is valued at $1,921,500. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading 5347,400 cost to construct Building 3, having a useful life of 25 years and a $398,000 satvage value 2,222,000 cost of new Land Improvenents 2, having a 20 -year useful life and no satvage value 168 , 000