CALCULATOR PRINTER VERSION BACK NEXT Problem 10-06 Pina Landscaping began construction of a new plant on December 1, 2020. On this date, the company purchased a parcel of land for $139,200 in cash. In addition, it paid $1,920 in surveying costs and $4,560 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,120, with $720 being received from the sale of materials. Architectural plans were also formalized on December 1, 2020, when the architect was paid $39.600. The necessary building permits costing $3,120 were obtained from the city and paid for on December 1 as well. The excavation work began during the first week in December with payments made to the contractor in 2021 as follows. Date of Payment Amount of Payment March 1 $242,400 May 1 333,600 July 1 67,200 The building was completed on July 1, 2021. To finance construction of this plant, Pina borrowed $612,000 from the bank on December 1, 2020. Pina had no other borrowings. The $612,000 was a 10-year loan bearing Interest at 10% Compute the balance in each of the following accounts at December 31, 2020, and December 31, 2021. (Round answers to o decimal places, e.g. 5,275.) December 31, 2020 December 31, 2021 (a) Balance in Land Account (b) Balance in Building (c) Balance in Interest Expense Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used