In January 2013 Mitzu Co. pays $2650000 for a tract of land with two buildings o

In January 2013 Mitzu Co. pays $2650000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $826000 with a useful life of 20 years and an $90000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $324500 that are expected to last another 11 years with no salvage value. Without the buildings and improvements the tract of land is valued at $1799500. 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 2013.