Gibbs Manufacturing Co. was incorporated on 1/2/17 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:

Date		Item		Amount
1/31/20		Land and dilapidated building		$172,000
2/28/20		Cost of removing building		3,440
4/1/20		Legal fees		5,160
5/1/20		Fire insurance premium payment		4,644
5/1/20		Special tax assessment for streets		3,870
5/1/20		Partial payment of new building construction		180,600
8/1/20		Final payment on building construction		180,600
8/1/20		General expenses		25,800
12/31/20		Asset write-up		64,500
				$640,614

Additional information:

1.

To acquire the land and building on 1/31/20, the company paid $86,000 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 $156.

2.

When the old building was removed, Gibbs paid Kwik Demolition Co. $3,440, but also received $1,290 from the sale of salvaged material.

3.

Legal fees covered the following:

Cost of organization		$2,150
Examination of title covering purchase of land		1,720
Legal work in connection with the building construction		1,290
		$5,160

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		$17,200
Plant superintendent covering supervision of new building		8,600
		$25,800

6.

Because of the rising land costs, the president was sure that the land was worth at least $64,500 more than what it cost the company.

Determine the proper balances as of 12/31/20 for a separate land account and a separate buildings account.

Land $

Buildings $