Gibbs Manufacturing Co. was incorporated on 1/2/14 but was unable to begin manufacturing activities until 8/1/14 because new factory facilities were not completed until that date. The Land and Buildings account at 12/31/14 per the books was as follows

Instructions

Determine the proper balances as of 12/31/14 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.

~~ PLEASE POST THE ANSWER IN T ACCOUNT FORMAT, thank you! ~~

PLS CLARIFY IF WE NEED TO USE THE FAIR VALUE STOCK IN THE ADDITIONAL INFO SECTION! #1