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 $732,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements is valued at $427,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,891,000. The company also incurs the following additional costs. Cost to demolish Building 1 $ 347, 488 Cost of additional land grading 189, 480 Cost to construct Building 3, having a useful life of 25 years and a $398,988 salvage value 2,242,082 Cost of new Land Improvements 2, having a 20-year useful life and no salvage value 173, e88 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, View transaction list View journal entry worksheet No Data General Journal Debit Credit 1 January 01 Land Building 2 Building 3 Land improvements 1 Land improvements 2 Cash