At December 31, 2019, certain accounts included in the property, plant, and equipment section of Oriole Companys balance sheet had the following balances. Land $236,300 Buildings 895,000 Leasehold improvements 666,400 Equipment 882,500 During 2020, the following transactions occurred. 1. Land site number 621 was acquired for $859,000. In addition, to acquire the land Oriole paid a $60,700 commission to a real estate agent. Costs of $40,700 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $20,500. 2. A second tract of land (site number 622) with a building was acquired for $420,400. The closing statement indicated that the land value was $301,400 and the building value was $119,000. Shortly after acquisition, the building was demolished at a cost of $41,000. A new building was constructed for $331,100 plus the following costs. Excavation fees $38,300 Architectural design fees 11,000 Building permit fee 2,500 Imputed interest on funds used during construction (stock financing) 8,500 The building was completed and occupied on September 30, 2020. 3. A third tract of land (site number 623) was acquired for $655,600 and was put on the market for resale. 4. During December 2020, costs of $89,900 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.) 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 $86,700, freight costs were $3,200, installation costs were $2,400, 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. Balance at December 31, 2020 Land $enter a dollar amount Buildings $enter a dollar amount Leasehold Improvements $enter a dollar amount Equipment $enter a dollar amount Save for Later