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Required information

$[$The following information applies to the questions displayed below.$]$

On January $1,$ Mitzu$/$Company pays a lump$-$sum amount of $$2,800,000$ for land, Building $1,$ Building $2,$ and Land Improvements $1.$ Buliding $1$ has no value and will be demolished. Building $2$ will be an office and is appraised at $$619,500,$ 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 $$1,799,500.$ The company also incurs the following additional costs.

Cost to demolish Building $1$

cost of additional land grading

$$345,400$

Cost to construct Building $3,$ having a useful life of $25$ years and a $$400,000$ salvage value

Cost of new Land Improvements $2,$ having a $20-$year useful life and no $5$ alvage salvage value

$2,242,080$

$173,000$

$2.$ Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January $1.$

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$(1)$ Record the cost of the plant assets, paid in cash.

$\backslash$table$[[,$Debit,Credit$],[,,],[,,],[,2,242,000,],[,531,000,],[,173,000,],[,,]]$