Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,700,000 for land, Bullding 1, Bullding 2, and Land Improvements 1. Bullding 1 has no value and will be demolished. Bullding 2 will be an office and is appraised at $810,000, With a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $390,000 and is expected to last another 13 years with no salvage value. The land is valued at $1,800,000. The company also Incurs the following additional costs. Cost to denolish Building 1 Cost of additional land grading Cost to construct Bullding 3, having a useful 1 ife of 25 years and a $398,690 salvage value cost of new Land Improvenents 2 , having a 28 -year useful life and no salvage value $342,490189,4902,242,690173,690 Required: 1. Allocate the costs Incurred by Mitzu to the approprlate columns and total each column. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 2 . Nate: Enter debits before credits. Prepare a single journal entry to record all the Incurred costs assuming they are pald in cash on January 1. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits befare cred ts. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 1 . Note: Enter debits before credits. 3. Using the stralght-Ine method, prepare the December 31 adjusting entrles to record depreclation for the first year these assets were In use. Journal entry worksheet 4 Record the year-end adjusting entry for the depreciation expense of Building 2. Note: Enter debits before credits