Required information [The following information applies to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Bullding 1, Building 2, and Land Improvements 1. Bullding 1 has no value and will be demolished. Building 2 will be an office and is appraised at $767,000, with a useful ilfe of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $354,000 and is expected to last another 12 years with no salvage value. The land is valued at $1,829,000. The company also incurs the following additional costs. Cost to denolish Building 2 Cost of additional land grading cost to construct 8uilding 3 , having a useful 11fe of 25 years and a 5400 , 0e0 salvage value cost of new Land Improverents 2, having a 20 -year useful 11 fe and no salvage value 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets n use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 2. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits before credits. Journal entry worksheet