Required information

$[$The following information 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 $1.$ Building $1$ has no value and will be demolished. Building $2$ will be an office and is appraised at $$644,000,$

with a useful life of $20$ years and a $$60,000$ salvage value. Land Improvements $1$ is valued at $$420,000$ and is expected to

last another $12$ years with no salvage value. The land is valued at $$1,736,000.$ The company also incurs the following

additional costs.

Cost to demolish Building $1$

Cost of additional land grading

$\backslash$table$[[$Cost to construct Building $3,$ Having a useful life of $25$ years and a $$392,000$ $ $328,400],[175,400]]$

Cost of new Land Improvements'$2,$ having a $20-$year useful life and no salvage value $1,202,000$

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

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