Account title and options: Current Assets Current Liabilities Land Intangible Assets Long-term Investments Long-term Liabilities Property, Plant, and Equipment Buildings Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Accumulated DepreciationBuildings Total Stockholders' Equity Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense

8. Estimated life of building-50 years. Depreciation for 2018-1% of asset value (1% of $3.75, 700, or $3,757). Sunland Campany was incorporated on January 2, 2018, but was unable to begin manufacturing activities until July 1, 2018, because new factory facilities were not completed until that date. The Land and Buildings account reported the following items during 2018 Prepare entries to reflect correct land, buildings, and depreciation accounts at December 31, 2018. (Round answers to 0 decimal pfaces, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Land and building Cost of removal of building Partial payment of new construction Legal fees paid Second payment on new construction 43,300 Insurance premium Special tax assessment General expenses Final payment on new construction Asset write-up $170,S00 9,846 64,210 4,430 January 31 February 28 May 1 May 1 June 1 une 1 June 1 une 30 uly 1 December 31 No. Account Titles and Explanation Debit Credit 35,098 32,960 418,689 December 31 Deoember 31, 2018 Account balance (3,757) 414,932 Depreciation-2018 at 196 The following additional information is to be considered 1. To acquire land and building, the company paid $90,900 cash and 800 shares of its 8% cumulative preferred stock, par value $100 per share. Fair value of the stock is $120 per share 2. Cost of removal of old buildings amounted to $9,846, and the demolition company retained all 2. materials of the bu lding. 3. Legal fees covered the following Cost of organization Examination o title covering purchase of land Legal work in connection with constructicn contract $630 1,730 2,070 $4,430 4. Insurance premium covered the building for a 2-year term beginning May 1, 2018. 5. The special tax assessment covered street improvements that are permanent in nature. 6. General expenses covered the follawing for the period from January 2, 2018, to June 30, 2018, Show the proper presentation of land, buildings, and depreciation on the balance sheet at December 31, 2018. (Round answers to 0 decimal places, e.g. 5,275.) President's salary Plant superintendent's salary-supervision af new building $31,290 3,808 $35,098 Sunland Company Balance Sheet December 31, 2018 7. Because of a general increase in construction costs after entering inta the building contract, the board of directors Increased the value of the building $51,855, belleving that such an increase was justified to reflect the ourrent market at the time the building was completed. Retained earnings was credited for this amount