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 $701,500, with a useful life of 20 years and a $70,000 salvage value Land Improvements 1 is valued at $549,000 and is expected to last another 18 years with no salvage value. The land is valued at $1,799,500. The company also Incurs the following additional costs $ 341,400 191,400 Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $400, eee salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 2,382, eee 173, eee 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1. View transaction list Required information MIRCHYVEKUKUU 1 Record the cost of the plant assets, paid in cash. Note: Enter debits before credits General Journal Debit Credit Date Jan 01 es Land Building 2 Building 3 Land improvements 1 Land improvements 2 Cash