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Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Bullding 2 will be an office and is appraised at $762,500, with a useful life of 20 years and a $85,000 salvage value. Land improvements 1 is valued at $427,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,860,500. The company also incurs the following additional costs. Cost to denolish Building 1 Cost of additional land grading Cost to construct Building 3 , having a useful life of 25 years and a $400,000 salvage vatue Cost of new Land Improvements 2 , having a 20 -year useful life and no salvage value 537,400187,4002,302,000173,000 Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were nuse. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Bullding 2, and Land Improvements 1. Building 1 has no value and will be demolished. Bullding 2 will be an office and is appraised at $762,500. with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $427,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,860,500. The company also incurs the following additional costs. Cost to denolish Building 1 Cost of additional land grading Cost to construct Building 3 , having a useful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value 2,302,000 3. Using the straight-line method, prepare the December 31 adjusting entries 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 2. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of $2.650,000 for land, Building 1, Buliding 2, and Land Improvements 1. Buliding 1 has no value and will be demolished. Bullding 2 will be an office and is appraised at $762,500. with a useful life of 20 years and a $85,000 salvage value. Land improvements 1 is valued at $427,000 and is expected to last another 14 years with no salvage value. The land is volued at $1,860,500. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional tand grading Cost to construct Building 3 , having a usefut tife of 25 years and a $400, eee satvage vatue 5. 347,490 cost of new Land Inprovenents 2, having a 20 -year usefut tife and no salvage value 187,400 2,302,000 173,00e 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Buliding 2. Whe: Enter debits before credits: Required information [The following information applies to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Bullding 1, Building 2, and Land Improvements 1, Bullding 1 has no value and will be demolished. Bullding 2 will be an office and is appraised at $762,500. with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $427,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,860,500. 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 5400,000 satvage value Cost of new Land Improvements 2, having a 20 -year useful life and no salvage vatue $347,400187,4002,302,000173,000 Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were use. Journal entry worksheet 4 Record the year-end adjusting entry for the depreciation expense of Land Improvements 1 . Note: Enter debits before credits