Show transcribed image text Required information The following information applies to the questions displayed below) In January 2017 Mitzu Co. pays $2,600,000 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 $644,000, with a useful life of 20 years and a $60,000 salvage value. A lighted parking lot near Building 1has improvements (Land Improvements improvements, the tract of land is valued at $1.736.000. The company also incurs the following additional costs: Cost to demolish Building 1 328,400 cost of additional land grading 175,400 cost to construct new building (Building 3 having a useful life of 25 years and a $392,000 salvage value 2,202,000 cost of new land improvements (Land Improvements 2) near Building 2 having a 20-year useful life and no salvage value 164,000 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. Percent of Allocation of Purchase Price Appraised Total cost of Apportioned Appraised Acquisition Cost
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