in use. View transaction list 3.44 points View journal entry worksheet No Date General Journal Debit Credit 00:25:05 1 Dec 31 Depreciation expenseBuilding 2 Accumulated depreciationBuilding 2 eBook Dec 31 References Depreciation expenseBuilding 3 Accumulated depreciationBuilding 3 3 Dec 31 Depreciation expenseLand improvements 1 Accumulated depreciation Land improvements 1 4 Dec 31 Depreciation expenseLand improvements 2 Accumulated depreciationLand improvements 2 Check my wor 26 Required information Part 3 of 3 Problem 8-3A (Algo) Asset cost allocation; straight-line depreciation LO C1, P1 [The following information applies to the questions displayed below.] 3.44 On January 1, Mitzu Co. 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. Building 2 will be an office and is appraised at $570,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $630,000 and is expected to last another 21 years with no salvage value. The land is valued at $1,800,000. The company also incurs the following additional costs. points 00:25:10 S 348,400 193,400 eBook Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $398,000 salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 2,242,000 References 168,000 Problem 8-3A (Algo) Part 3 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 transaction list View journal entry worksheet