Required information [The following information applles to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Buliding 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $780,000, with a useful life of 20 years and a $70,000 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 $1,800,000. The company also incurs the following additional costs. Cont to demolinh Building 1 Cont of additional land grading Cont to cotistruct luilding 3, having a useful 11fe of 25 years and a $400,000 galvage value 2,262,000 Cost of new land Improvement 2 , having a 20 -year unefol 1ife and ho salvage value Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1