HW Sed Help Save & Exit Submit Check my work On January 1, Mitzu Company pays a lump sum amount of $2750,000 for land, Building 1. Bulding 2 and Land Improvements Building Thas no value and will be demolished Building 2 will be an office and is appraised at $678,500 with a useful life of 20 years and a $75,000 salvage value Land Improvements is valued at $560.500 and is expected to Inst another 19 years with no salvage value. The land is valued at $171000. The company also incurs the following additional costs Cost to demola Building 1 Contot ditional land grading Cant to construct Bulan), baru tiro of 15 years and t600,000 lige value Coat of aw Land Travel. 11- yilte de valoa 33,400 119.50 2,392,00 173.009 3. Using the straight tine method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use We View all Ne Crud + December 31 General Joma Depreciation expense Bulding 2 Acumulated depreciation ding 2 2 December 31 Depreciation poulding 3 Accumulated depreciation-Bang 3 3 3 December 31 Depreciation expense and improvement Ad decreto-Land rovement . December 31 Deprecationes-Land improvements 2 Accumulated deprecionadas