Required information [The following information applies to the questions displayed below.) In January 2017, Mitzu Co. pays $2,650,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $810,000. with a useful life of 20 years and a $80,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $390,000 that are expected to last another 13 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $1,800,000. The company also incurs the following additional costs: $ 343,400 189,400 Cost to demolish Building 1 Cost of additional land grading Cost to construct new building (Building 3), having a useful life of 25 years and a $400,000 salvage value Cost of new land improvements (Land Improvements 2) near Building 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 12 months of 2017 when these assets were in use. Journal entry worksheet Record the year-end adjusting the depreciation expense of Building Note: Enter debits before credits. Date SI p General Journal Debit Credit Dec 31 1 1 1 1 11 11 D III D Record entry Clear entry View general journal Journal entry worksheet