Current Attempt in Progress Your answer is partially correct. Waterway 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 $ 1,920in surveying costs and $4,560for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,120, with $ 720being 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 $3,120were 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, Waterway borrowed $ 612,000from the bank on December 1, 2020. Waterway had no other borrowings. The $ 612,000was 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 0 decimal places, e.g. 5,275.) December 31, 2020 December 31, 2021 (a) Balance in Land Account 148,080 148,080 (b) Balance in Building 45120 688320 (c) Balance in Interest Expense 5197.81 66398