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Required information

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On January $1,$ Mitzu Company pays a lump$-$sum amount of $$2,600,000$ 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 $$678,500,$

with a useful life of $20$ years and a $$75,000$ salvage value. Land Improvements $1$ is valued at $$531,000$ and is expected to

last another $18$ years with no salvage value. The land is valued at $$1,740,500.$ The company also incurs the following

additional costs.

Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January $1.$