Required information [The following information opplies to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Bulding 1, Building 2, and Land Improvements 1. Bullding 1 has no value and will be demolished. Building 2 will be an office and is appraised at $737,500, with a useful life of 20 years and a $80,000 salvage value. Land improvements 1 is valued at $354,000 and is expected to last another 12 years with no salvage value. The land is valued at $1,858,500 The company also incurs the following additional costs cost to denolish suldiding 1 cost of additional land grading cost to construct Building 3, having a useful life of 25 years and a 5400,690 salvage value cost of now tand Ieproveents 2, having a 20-year useful life and no salvage value 2. Prepare a single joumal entry to record all the incurred costs assuming they are paid in cash on January 1 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1 . Journal entrv worksheet