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 $630,000, with a useful life of 20 years and a $85,000 salvage value. Land improvements 1 is valued at $510,000 and is expected to last another 17 years with no salvage value. The land is valued at $1,860,000. The company also incurs the following additional costs. Cost to demolish Building 1 cost of additional land grading Cost to construct Building, having a useful life of 25 years and a $398,000 salvage value Cost of new and improvements 2, having a 20-year useful life and no salvage value $ 341,400 187,400 2,282,000 173,000 3. Using the straight-ling method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use Required information Journal entry worksheet > Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Note: Enter debits before credits. Dato General Journal Debit Credit December 31 Record entry Clear entry View general Journal 12 3 Record the year-end adjusting entry for the depreciation expense of Land Improvements 2. Note: Enter debits before credits. General Journal Date December 31 Debit Credit Record entry Clear entry View general journal