At December 31, 2019, certain accounts included in the property, plant, and equipment section of Novak Company's balance sheet had the following balances. Land Buildings Leasehold improvements Equipment $236,900 909,400 663,800 879,100 During 2020, the following transactions occurred. 1. Land site number 621 was acquired for $855,900. In addition, to acquire the land Novak paid a $51,400 commission to a real estate agent. Costs of $44,500 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $18,100. 2. A second tract of land (site number 622) with a building was acquired for $418,200. The closing statement indicated that the land value was $298,000 and the building value was $120,200. Shortly after acquisition, the building was demolished at a cost of $41,200. A new building was constructed for $327,200 plus the following costs. Excavation fees Architectural design fees Building permit fee Imputed interest on funds used during construction (stock financing) $38,300 11,000 2,500 8,500 The building was completed and occupied on September 30, 2020. 3. A third tract of land (site number 623) was acquired for $651,900 and was put on the market for resale. 4. During December 2020, costs of $89,500 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 $86,400, freight costs were $3,300, installation costs were $2,400, and royalty payments for 2020 were $17,300. (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 $ Buildings $ Leasehold Improvements $ Equipment $