Required information [The following information applies to the questions displayed below] On January 1, Mizu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Buliding 2, and Land Improvements 1. Building 1 has no value and will be demolished. Bulding 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 lmprovements 1 is valued at $420,000 and is expected to last another 12 years with no solvage value. The land is valued at $1,736,000. The company also incurs the following additional costs. Cost to denolish Building 1 cost of additionsi land eradine Cost to construct Bullaine 3, having a usefu1 1ife of 25 years and a 5392,000 salvoge value Cost of new Land Improvenents 2 , having a 20 -year useful 1 ife and no solvage volue 5328,400 175,400 2,292,090 164,600 3. Using the straight-ine method, prepore the December 31 adjusting entries to record depreciation for the first year these assets were in use. Journal entry worksheet 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 Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 2. Note: Enter debits before credits