Required information Problem 8-3A (Algo) Asset cost allocation; straight-line depreciation LO C1, P1 [The foliowing 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, Bullding 2, and Land Improvements 1. Building 1 has no value and will be demolished. Bullding 2 will be an office and is appraised at $579,500, with a useful life of 20 years and a $80,000 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 $1.891,000. The company also incurs the following additional costs. roblem 8-3A (Algo) Part 3 8. Using the straight-line method, prepare the December 31 adjusting entries to record depreclation for the first year these assets were nuse. Journal entry worksheet Record the year-end adjusting entry for the depreciatison expense of Building 2. Nute: Enar detrus befure eredits