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, 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 $720,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $510,000 and is expected to last another 17 years with no salvage value. The land is valued at $1,770,000. The company also incurs the following additional costs. Cost to desolish Building 1 cost of new Land Ieprovements 2, having a 20-year useful life and no salvage volue 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. (1) Record the year-end adjusting entry for the depreciation expense of Building 2