Determining Ending Balances in Land and Building Accounts

Maldive Company completes the construction of a building. The following separate items are the costs relevant to the purchase of the lot and construction of the building.

Cash payments to contractor		$100,000
Sales tax on construction materials used in addition to contractor payments		3,000
Cost of land (building site)		50,000
Gross cost to raze old building on land		20,000
Proceeds from old building salvage		5,000
Utility charges for electricity used in construction		2,000
Capitalized interest on construction		3,000

Determine the ending balance for the Land account and for the Building account.

Ending balance in the Land account
Ending balance in the Building account