5 Gibbs Manufacturing Co. purchased a piece of land to build a new factory. The factory building was completed on August 1, 2012. Below is a list of costs incurred with the respective dates. (10 points) Date Item Amount $ 1/31/2012 2/28/2012 4/1/2012 5/1/2012 5/1/2012 8/1/2012 8/1/2012 12/31/2012 Land and an old dilapidated building Cost of removing old building Legal fees See below) Fire Insurance premium payment (see below) Partial payment of new building construction Final payment on building construction General expenses (See below) Asset write-up 240.000 4,000 3.500 5.400 170,000 170,000 30,000 75.000 $ 697.900 Additional information 1 To acquire the land and building on January 1, 2012, the company paid $240,000 cash 2 When the building was removed. Gibbs paid wik Demolition Co$4,000, but also received $1,500 from the sale of salvaged materials 3 Legal fees covered the following Examination of title covering the purchase of land Legal work in connection with the building construction $ 2.000 1.500 3.500 10.000 4 The fire insurance premium covered premiums for a three year term beginning May 1, 2012. S General expenses covered for the for the period January 1, 2012 through August 1, 2012 CEO's salary $ 20,000 Plant superintendent covering supervision of the building S 30.000 6 Because of the rising and costs, the president was sure that the land was worth at least $75,000 more than what it cost the company SEE INSTRUCTIONS ON NEXT PAGE dos Instructions Determine the proper balances as of December 31. 2012. for a separate land account and a separate building account. Use separate Taccounts (one for land and one for buildings) labeling all the relevant amounts and discongal computations