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. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $649,000, with a useful life of 20 years and a $90,000 salvage value. Land Improvements 1 is valued at $501,500 and is expected to last another 17 years with no salvage value. The land is valued at $1,799,500. The company also incurs the following additional costs. $ 346,400 189,400 Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $398,000 salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 2,282,000 178,000 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 1 2 3 4 > Record the year-end adjusting entry for the depreciation expense of Building 2. Note: Enter debits before credits. Debit Credit Date Dec 31 General Journal Depreciation expense-Building 2 Accumulated depreciation-Building 2 Record entry Clear entry View general journal Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet