Gibbs Manufacturing C. was incorporated on 1/2/20 but was unable to begin manufacturing activities until 8/1/20 because new factory facilities were not completed until that date. The Land and Buildings account at 12/31/20 per the books was as follows: Additional information: 1. To acquire the land and building on 1/31/20, the company paid $100,000 cash and 1,000 shares of its common stock (par value =$100/ share) which is very actively traded and had a fair value per share of $180. 2. When the old building was removed, Gibbs paid Kwik Demolition Co. $4,000, but also received $1,500 from the sale of salvaged material. 3 . 6. Because of the rising land costs, the president was sure that the land was worth at least $75,000 more than what it cost the company. Instructions Determine the proper balances as of 12/31/20 for a separate land account and a separate buildings account. Use separate T-accounts (one for land and one for buildings) labeling all the relevant amounts and disclosing all computations. DU,vUY 4. The fire insurance premium covered premiums for a three-year term beginning May 1, 2020 . 5. General expenses covered the following for the period 1/2/20 to 8/1/20. President's salary $20,000 Plant superintendent covering supervision of new building