Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 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 $590,000, with a useful life of 20 years and a $85,000 salvage value. Land improvements 1 is valued at $531,000 and is expected to last another 18 years with no salvage value. The land is valued at $1,829,000. The company also incurs the following additional costs. Cost to denolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $398,600 satvage vatue Cost of new Land Inprovements 2, having a 20 -year useful tife and no salvage value 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1. Journal entry worksheet