Required informstion The following informaton applies to the questions displayed below.] On January 1, Mitzu Compeny pays a lump-sum amount of $2,600.000 for land. Buliding 1, Building 2. and Land Improvements 1. Bulding thas no volue and wil be demolished. Bulding 2 will be an office and is appraised at $644,000. with a useful life of 20 years and a $60,000 salvage value. Land improvements 1 is volued ot $420,000 and is expected to last another 12 years with no salvoge value. The land is valued at $1336,000. The compary also incurf the following additional costs cost to denolish Building 1 Cost of additional land erading cost to construct Builaing 3, hovine a useful 1ife of 25 years and a 5392 , e0e salvage value cost of nor Land Improvenents 2, having a 20-yeor useful iffe and no salvage vatue 3328, e90 175,490 2,202, e00 164,690 2. Prepare a single joumal entry to record all the incurred costs assuming they are paid in cash on Januory? Journal entry worksheet Record the cost of the plant assets, paid in cash. Journal entry worksheet Record the cost of the plant assets, paid in cash. Notei Enter debits before credits