Required Information The following information applies to the questions displayed below. On January 1, Mitzu Co. pays a lump sum amount of $2,700,000 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 $660,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,920,000. The company also incurs the following additional costs. $ 347, 400 Coat to demolish building 1 Coat of additional land grading Cost to construet Tuildings, having a useful life of 25 years and a $402,000 salvage value Cost of new Land improvements 2 having a 20-year useful life and no salvage value 2,262,000 168,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. View transaction list Journal entry worksheet 1 2 3 4 Record the year and adjusting entry for the depreciation expense of Building Note Enter debit before credits General Journal Debit Credit Record entry Clear entry View general journal Required Information The following information applies to the questions displayed below.) On January 1, Mitru Co, pays a lump sum amount of $2,700,000 for land, Building 1, Building 2. and Land improvements 1. Building has no value and will be demolished. Building 2 will be an office and is appraised at $600,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 ls valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,920,000. The company also incurs the following additional costs. # 347,400 195.400 Coat to demolia Building 1 Cont of additional land grading cout to construct Building 3. having a useful life of 25 years and a $402,000 salvage value Coat of new and improvements 2 having a 20-year useful life and no salvage value 2,262,000 168,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were View transaction ist Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building Note: Enter debits before credits General Journal Debit Credit Record entry Clear entry View general journal Required information The following information applies to the questions displayed below.) On January 1, Mitzu Co. pays a lump sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1 Building has no value and will be demolished. Building 2 will be an office and is appraised at $660,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements is valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,920,000. The company also incurs the following additional costs. $ 347,400 195.400 Cost to demolish Building 1 Coat of additional land grading Cont to construct Building 3, having a useful life of 25 years and a $402,000 salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 2,262,000 168,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. View transaction list Journal entry worksheet 1 Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Required Information The following information applies to the questions displayed below) On January 1, Mitzu Co. pays a lump sum amount of $2,700,000 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 $660,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,920,000. The company also incurs the following additional costs $ 347, 400 195.400 Cost to demolish Building 1 Cost of additional land grading Coat to construct Building, having a nefal life of 25 years and a $402,000 salvage value cont of new Land Improvements 2 having a 20-year useful life and no salvage value 2.262,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these as in use. View transaction list Journal entry worksheet 1 2 3 4 Record the year-end adjusting entry for the depreciation expense of Land Improvements 2. Note: Unter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal