The following information apples to the questions displayed below! On January 1, Mitzu Company pays a lump sum amount of $2,750,000 for land, Building Building 2 and Land Improvements 1 Building that no value and will be demolished Bullding 2 will be an office and is appraised at $796 500 with a useful life of 20 years and a 570,000 salvage value Land Improvements is valued at $265.500 and is expected to last another 9 years with no salvege value. The land is valued at $1888,000. The company also incurs the following additional costs $ 30.00 Cost to demolish Building 1 Cost of saditional and grading Cost to construct Building, having a useful life of 25 years and S400,000 salvage value Cost of her Land Improvements 2, having 20 year useful life and no salvage value 2.222.000 17,00 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1 Answer is not complete. NO General Journal De Date January 01 1 Building 2 Building DO Credit 795,500 4.462000 Search O Oo map E R G BN We w woonpes to the questions displayed below) On January 1, Mizu Company pays a lump sum amount of $2,750,000 for land. Building t. Building 2. and Land Improvements 1 Building has no value and will be demolished Building 2 will be anotice and is appraised at 5796.500, with a useful life of 20 years and a $70,000 salvage value Land improvements is valued at $265.500 and is expected to last another 9 years with no salvage value. The land is valued at $1.888.000 The company also incus the following additional costs Cost to demotish Buliding 1 $42.400 Cost of actional and grading 117,400 Cost to construct Building, having ful life of 3 years and 5000,00 Savage 2.222,000 Cost of her and Therovements 2. having a 20-year use He and salvage value 175,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use View transactional Journal entry worksheet 1 2 4 Record the vear-end adjusting entry for the depreciation expense of Building