Gibbs Manufacturing Co, was incorporated on manufacturing activities until 8/1/14 because 2. Capitalizing acquisition costs. new factory facilities were not o, was incorporated on 1/2/14 but was unable to wa peted unil that date. The Land and Buildings account at 12/31/14 per the book Amount as follows: $200,000 Item 4,000 6,000 5,400 4,500 190,000 190,000 30,000 75.000 $704.900 11 Land and dilapidated building Cost of removing building Legal fees 2/28/14 Fire insurance premium payment Special tax assessment for streets Partial payment of new building construction inal payment on building construction General expenses 12/31/14 Asset write-up Additional information: 1. To acquire the land and building on I/31/14, the company paid $100,000 cash and 000 shares of its common stock (par value $100/share) which is very actively traded and had a fair value per share of $160. 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: 2. Cost of organization Examination of title covering purchase of land Legal work in connection with the building construction $2,500 2,000 1500 $6.000 4. The fire insurance premium covered premiums for a three-year term beginning May 1, 2014. 5. General expenses covered the following for the period 1/2/14 to 8/1/14. President's salary Plant superintendent covering supervision of new building S20,000 10,000 $30,000 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 12/31/14 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