Required information [The following in formation applies to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of$2,600,000 for land, Building 1, Building 2, and Land Improvements 'I. Building 'I has no value and will be demolished. Building 2 will be an ofce and is appraised at $?50,000, with a useful life of20 years and a $90,000 salvage value. Land Improvements 'I is valued at $390,000 and is expected to last another 13 years with no salvage value. The land is valued at $1,850,000. The company also incurs the following additional costs. Cost to demolish Building 1 S 34?,486 Cost of additional land grading 191,436 Cost to construct Building 3, having a useful life of 25 years and a $402,303 salvage value 2,222,036 Cost of new Land Improvements 2, having a 20year" use-Ful li-Fe and no salvage value \"3,096 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January I. View transaction list Journal entry worksheet Record the cost of the plant assets, paid in cash. Note: Enter debits before credits. Date General Journal Debit Credit January 01