Required information Problem 8-3A (Algo) Asset cost allocation; straight-line depreciation LO C1, P1 The following information applies to the questions displayed bolow] On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Buliding 1, Bullding 2. and Land Improvements 1. Bullding 1 has no value and wil be demolished. Bullding 2 will be an office and is approised at $854,000. with a useful life of 20 years and a $80,000 salvage value. Land improvements 1 is valued at $244,000 and is expected to last another 8 years with no salvage value. The land is valued at $1,952,000. The company also incurs the following additional costs Cost to demolish Buitaing 1 cost of new Land inprovecents 2 , having a 29 -yeat useful life and no satvage vatue Problem 8-3A (Algo) Part 1 Required: 1. Allocate the costs incurred by Mitzu to the approprlate columns and total each column. Required information Problem 8-3A (Algo) Asset cost allocation; straight-line depreciation LO C1, P1 The following information applies to the questions displayed bolow] On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Buliding 1, Bullding 2. and Land Improvements 1. Bullding 1 has no value and wil be demolished. Bullding 2 will be an office and is approised at $854,000. with a useful life of 20 years and a $80,000 salvage value. Land improvements 1 is valued at $244,000 and is expected to last another 8 years with no salvage value. The land is valued at $1,952,000. The company also incurs the following additional costs Cost to demolish Buitaing 1 cost of new Land inprovecents 2 , having a 29 -yeat useful life and no satvage vatue Problem 8-3A (Algo) Part 1 Required: 1. Allocate the costs incurred by Mitzu to the approprlate columns and total each column