Required information Problem 8-3A (Algo) Asset cost allocation; straight-line depreciation LO C1, P1 The following information applies to the questions displayed belous] On January 1, Mizu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Bullding 2, and Land Improvements 1 Building 1 has no value and will be demolished. Bulling 2 will be an office and is appraised at $750,000, with a useful life of 20 years and a $70,000 salvage value. Land improvements 1 is valued at $480,000 and is expected to last another 16 years with no salvage value. The land is valued at $1,770,000. The company also incurs the following additional costs: Coot to dempliat Building 1 Colt of bditional latid Fradifng 5344,400189,4002,262,000173,000 Problem 8-3A (Algo) Part 2 2. Prepare a single joutnal entry to recoed all the incurred costs assuming they are paid in cash on January 1. 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. Nole: Enter debits before credits