At December 31, 2016, certain accounts included in the property, plant, and equipment section of Carla Companys balance sheet had the following balances. Land $231,000 Buildings 890,300 Leasehold improvements 660,600 Equipment 881,000 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $851,500. In addition, to acquire the land Carla paid a $53,300 commission to a real estate agent. Costs of $40,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $17,400. 2. A second tract of land (site number 622) with a building was acquired for $419,800. The closing statement indicated that the land value was $300,800 and the building value was $119,000. Shortly after acquisition, the building was demolished at a cost of $40,700. A new building was constructed for $331,000 plus the following costs. Excavation fees $38,300 Architectural design fees 10,900 Building permit fee 2,500 Imputed interest on funds used during construction (stock financing) 8,600 The building was completed and occupied on September 30, 2017. 3. A third tract of land (site number 623) was acquired for $650,900 and was put on the market for resale. 4. During December 2017, costs of $88,600 were incurred to improve leased office space. The related lease will terminate on December 31, 2019, and is not expected to be renewed. (Hint: Leasehold improvements should be handled in the same manner as land improvements.) 5. A group of new machines was purchased under a royalty agreement that provides for payment of royalties based on units of production for the machines. The invoice price of the machines was $87,300, freight costs were $3,200, installation costs were $2,400, and royalty payments for 2017 were $17,700. (a) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. Disregard the related accumulated depreciation accounts. Balance at December 31, 2017 Land $ Buildings $ Leasehold Improvements $ Equipment $