Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1.

Record the cost of the plant assets, paid in cash.

Saved On January 1, Mit, Co. pays a lump sum amount of $2,650,000 for land, Building 1. Building 2 and Land improvements 1 Building i nas no value and will be demolished. Building 2 will be an office and is appraised at $579,500, with a useful life of 20 years and a $70,000 salvage value. Land Improvements his valued at $671,000 and is expected to last another 22 years with no salvage value. The land is valued at $1,799,500. The company also incurs the following additional costs. $ 342.400 187,400 Cont to demolish hilding 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 2,282,000 178,000 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. Appraised Value ces Allocation of purchase price Percent of Total Appraised Value Tatal cost of acquisition Apportioned Cout Land Building 2 Land improvements 1 Totals Building Land Improvements Land Improvement Building 2 Land Purchase Price Demolition Land grading New building (Construction cost) New improvements Totals