In January 2017, ProTech Co. pays $1,550,000 for a tract of land with two buildings. It plans to…

In January 2017, ProTech Co. pays $1,550,000 for a tract of land with two buildings. It plans to demolish Building A and build a new shop in its place. Building B will be a company office; it is appraised at $482,800, with a useful life of 15 years and a $99,500 salvage value. A lighted parking lot near Building B has improvements (Land Improvements B) valued at $142,000 that are expected to last another five years with no salvage value. Without the buildings and improvements, the tract of land is valued at $795,200. The company also incurs the following additional costs. Cost to demolish Building A …………………………………………………… $ 122,000 Cost of additional land grading ………………………………………………… 174,500 Cost to construct new building (Building C), having a useful life of 20 years and a $258,000 salvage value …………………………………………………… 1,458,000 Cost of new land improvements (Land Improvements C) near Building C, having a 10-year useful life and no salvage value …………………………….. 103,500 Required 1. Prepare a table with the following column headings: Land, Building B, Building C, Land Improvements B, and Land Improvements C. Allocate the costs incurred by ProTech to the appropriate columns and total each column (round percents to the nearest 1%). 2. Prepare a single journal entry to record all incurred costs assuming they are paid in cash o