Please complete missing information. Will rate highly for complete and correct.

Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 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 $767,000, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $383,500 and is expected to last another 13 years with no salvage value. The land is valued at $1,799,500. 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 $402,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value . Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were use. View transaction list View journal entry worksheet