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Question 14 0.99/3 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Headland Landscaping began construction of a new plant on December 1, 2020. On this date, the company purchased a parcel of land for $144,000 in cash. In addition, it paid $2,160 in surveying costs and $4,320 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,360, with $960 being received from the sale of materials. Architectural plans were also formalized on December 1, 2020, when the architect was paid $40,800. The necessary building permits costing $3.360 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 $255,600 May 1 338,400 July 1 63.600 The building was completed on July 1, 2021. To finance construction of this plant, Headland borrowed $603,600 from the bank on December 1, 2020. Headland had no other borrowings. The $603,600 was a 10-year loan bearing interest at 9%. Compute the balance in each of the following accounts at December 31, 2020, and December 31, 2021. (Round answers to 0 decimal places, eg. 5,275.) December 31, 2020 December 31, 2021 (a) Balance in Land Account 152880 152880 (b) Balance in Building (c) Balance in Interest Expense