Required information The following information applies to the questions displayed below In January 2017 Mitzu Co. pays $2.600.000 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 $644,000, with a useful life of 20 years and a $60,000 salvage value. A lighted parking lot near Building 1 has improvements (Land lmprovements valued at $420.000 that are expected to last another 12 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $1.736.000. The company also incurs the following additional costs: 328, 400 Cost to demolish Building 1 175, 400 Cost of additional land grading Cost to construct new building (Building 3), having a useful life of 25 years and a $392,000 salvage value 2,202,000 Cost of new land improvements (Land Improvements 2) near Building 2 having a 20-year useful life and no salvage value 164,000 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, 2017 view transaction list view general Kumal Prev 3 4 of 9 Next o o e e m a