[The following information applles to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 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 $660,000, with a useful IIfe of 20 years and a $80,000 salvage value. Land Improvements 1 Is valued at $600,000 and Is expected to last another 20 years with no salvage value. The land is valued at $1,740,000. 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 $402,96 salvage value Cost of new Land Improvements 2, having a 20 -year useful life and no salvage value Requlred: 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 Note: Enter debits betore credits. Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 1 . Note: Enter debits before credits. 3. Using the straight-IIne 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