Saved Help Save & Exit Check Required information [The following information applies to the questions displayed below.) On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 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 $678,500, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $560,500 and is expected to last another 19 years with no salvage value. The land is valued at $1,711,000. The company also incurs the following additional costs. Cost to denolish Building 1 cost of additional land grading Cont to construct Tuilding 3, having a uneful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2. baving a 20-year useful life and no salvage value 5 343,400 189,400 2,102,000 173,000 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1 View transaction list