Current Attempt in Progress Marigold Resorts began construction of a new hotel on October 1, 2017. On this date, the company purchased a parcel of land for $258,000 in cash. In addition, it paid $3,200 in surveying costs and $6,400 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $9,300, with $1.900 being received from the sale of materials. Architectural plans were also formalized on October 1, 2017, when the architect was paid $63,000. The necessary building permits costing $16,000 were obtained from the city and paid for on October 1 as well. The excavation work began during the first week in October with payments made to the contractor as follows. Date of Payment Amount of Payment January 1 $805,000 April 1 891,000 July 1 497,000 The building was completed on July 1, 2018. To finance construction of this hotel, Marigold borrowed $2,519,000 from the bank on December 1, 2017. Marigold had no other borrowings. The $2,519,000 was a 10-year loan bearing interest at 6%. Compute the balance in each of the following accounts at December 31, 2017, and December 31, 2018. (Round answers to O decimal places, e.g. 5,275.)