Required information Problem 8-3A (Algo) Asset cost allocation; straight-line depreciation LO C1, P1 [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, Bullding 1, Bullding 2, and Land improvements 1. Bullding 1 has no value and will be demolished. Building 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. Problem 8-3A (Algo) Part 2 2. Prepare a single joumal entry to record all the incurred costs assuming they are paid in cash on January 1. Cont of new Land Ioprovenent 2 , having a 20 -year usetul iife and no salvage value 173,000 Journal entry worksheet Record the cost of the plant assets, paid in cash. Note: Enter debits before credits