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, Bulding 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. Cost to demolish Building Cost of addieional land grading Cost to construct Building 3. having a useful 1ife of 25 yeara and a $402,000 salvage value Cost of new Land Inprovesente 2 having a 20-year useful life and no salvage value 347,400 195,400 2,262,000 168,000 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column, Percent of Total Appraised Value Appraised Vaue Total cost of aoquisition Alocation of purchase price Apportioned Cost Land 1,880.000 Building 2 660,000 420,000 2940,000 Land Improvements 1 14% x Totals S 14 % $ 0 Land Land Land Building 2 Building 3 Lmprovements1 Improvements 2 Purchase Price Demoliton Land grading New buldng (Construction cost) Now improvements Totais S 0