Required information [The following information applies to the questions displayed below] On January 1, Mitzu Co. pays a lump-sum amount of $2,650,000 for land, Building 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 $732,000, with a useful life of 20 years and a $70,000 salvage value. Land Improvements 1 is valued at $518,500 and is expected to tast another 17 years with no salvage value. The land is valued at $1,799,500. The company also incurs the following additional costs. 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use: Journal entry worksheet 4 Record the year-end adjusting entry for the depreciation expense of Buliding 2. Note: Enter bebits before creaits