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 $762,500, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $427,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,860,500. The company also incurs the following additional costs. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. \begin{tabular}{|c|c|c|c|c|c|} \hline & Land & Building 2 & Building 3 & \begin{tabular}{c} Land \\ Improvements \\ 1 \end{tabular} & \begin{tabular}{l} Land \\ Improvements \\ 2 \end{tabular} \\ \hline Purchase Price & & & & x2 & \\ \hline Demolition & & & & Q & \\ \hline Land grading & & & & - & \\ \hline \begin{tabular}{l} New building (Construction \\ cost) \end{tabular} & & & & & \\ \hline New improvements & & - & & & \\ \hline Totals & 50 & $ & 5 & is & 0 \\ \hline \end{tabular}