At December 31, 2019, certain accounts included in the property, plant, and equipment section of Ivanhoe Company's balance sheet had the following balances. Land $239,600 Buildings 895,900 Leasehold improvements 660,200 Equipment 878,700 During 2020, the following transactions occurred. 1. 2. Land site number 621 was acquired for $858,700. In addition, to acquire the land Ivanhoe paid a $57,400 commission to a real estate agent. Costs of $43,600 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $20,400. A second tract of land (site number 622) with a building was acquired for $417,000. The closing statement indicated that the land value was $297,100 and the building value was $119,900. Shortly after acquisition, the building was demolished at a cost of $41,400. A new building was constructed for $329,100 plus the following costs. Excavation fees $38,000 Architectural design fees 11,000 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, 2020. 3. A third tract of land (site number 623) was acquired for $646,500 and was put on the market for resale. 4. 5. During December 2020, costs of $89,300 were incurred to improve leased office space. The related lease will terminate on December 31, 2022, and is not expected to be renewed. (Hint: Leasehold improvements should be handled in the same manner as land improvements.) 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 $86,800, freight costs were $3,300, installation costs were $2,300, and royalty payments for 2020 were $17,700. (a) Calculate the balance at December 31, 2020 in each of the following balance sheet accounts. Disregard the related accumulated depreciation accounts. Land Balance at December 31, 2020 $ Buildings $ Leasehold Improvements $ Equipment $