Requlred Information [The following information applies to the questions displayed below.] On January 1, Mltzu 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 appralsed at $708,000, 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 $1,888,000. The company also Incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $398, ge salvage value Cost of new Land Improvements 2, having a 2e-year useful life and no salvage value Required: 1. Allocate the costs Incurred by Mitzu to the approprlate columns and total each column. 2. Prepare a single Journal entry to record all the Incurred costs assuming they are paid in cash on January 1 . Journal entry worksheet Record the cost of the plant assets, paid in cash. Note: Enter debits before credits. Using the straight-IIne method, prepare the December 31 adjusting entrles to record depreclation for the first year these assets were n use. Journal entry worksheet 4 Record the year-end adjusting entry for the depreciation expense of Building 2. Note: Enter debits before credits. Using the straight-IIne method, prepare the December 31 adjusting entrles to record depreclation for the first year these assets were n use. Journal entry worksheet 4 Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits before credits. 3. Using the straight-IIne method, prepare the December 31 adjusting entrles to record depreciation for the first year these assets were n use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 1 . Note: Enter debits before credits. . Using the straight-lIne method, prepare the December 31 adjusting entrles to record depreclation for the first year these assets were n use. Journal entry worksheet