Gibbs Manufacturing Co. was incorporated on 1/2/19 but was unable to begin manufacturing activities until 8/1/19 because new factory facilities were not completed until that date. The Land and Building account at 12/31/19 per the books was as follows: Date Item Amount 1/31/19 Land and dilapidated building 200,000 2/28/19 Cost of removing building 4,000 4/1/19 Legal fees 6,000 5/1/19 Fire insurance premium payment 5,400 5/1/19 Special tax assessment for streets 4,500 5/1/19 Partial payment of new building construction 150,000 8/1/19 Final payment on building construction 150,000 8/1/19 General expenses 30,000 12/31/19 75.000 Asset write-up 624.900 Additional information: 1. To acquire the land and building on 1/31/19, the company paid 100,000 cash and 1,000 ordinary shares of its (par value 100/share) which is very actively traded and had a market price per share of 170. 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. Legal fees covered the following: Cost of organization 2,500 3.000 Fin