Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Bullding 1, Buliding 2, and Land Improvements 1 Building 1 has no value and will be demolshed. Bullding 2 wil be an office and is approised at $737,500, with a usefur life 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 $1,858,500. The company also incurs the following additional costs Cost to denolish Duilding 1 Cost of additional land grading cost to construct luilding 3 , having a useful dife of 25 years and a $400,000 salvafe value coat of new Land Iepcoveesiti 2 , having a 2e-year useful 1 life and no salvage value 5345,400 191,400 2,282,090 173,090 3. Using the stialght-ine method, prepare the December 3 adjusting entries to record depreciation for the first year these ossets wer n ure. Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Bullding 1, Buliding 2, and Land Improvements 1 Building 1 has no value and will be demolshed. Bullding 2 wil be an office and is approised at $737,500, with a usefur life 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 $1,858,500. The company also incurs the following additional costs Cost to denolish Duilding 1 Cost of additional land grading cost to construct luilding 3 , having a useful dife of 25 years and a $400,000 salvafe value coat of new Land Iepcoveesiti 2 , having a 2e-year useful 1 life and no salvage value 5345,400 191,400 2,282,090 173,090 3. Using the stialght-ine method, prepare the December 3 adjusting entries to record depreciation for the first year these ossets wer n ure