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Required information [The following information applies to the questions displayed below] 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 $701,500, with a useful life of 20 years and a $80,000 salvage value. Land improvements 1 is valued at $579,500 and is expected to last another 19 years with no salvage value. The land is valued at $1,769,000. The company also incurs the following additional costs. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1 . Journal entry worksheet Record the cost of the plant assets, paid in cash. Note: Enter debits before credits