Required information (The following information applies to the questions displayed below.) On January 1, Mitzu Co pays a lump-sum amount of $2.600,000 for land, Building 1. Building 2. and Land improvements 1. Buliding 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. $ 328,400 175,400 Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $392,000 salvage value Cost of new Land Improvements 2 having a 20-year useful itfe and no salvage value 2,202,000 164,000 2. Prepare o single journal entry to record all the incurred costs assuming they are paid in cash on January 1 Journal entry worksheet Record the cost of the plant assets, paid in cash. Note: Enter debits before credits Date General Journal Debit Credit Jan 01 Required information {The following information applies to the questions displayed below) On January 1, Mitzu Co. 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. $ 228,400 175,400 Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $392,000 salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 2,202,000 164,000