Jennifer 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 Cost of removing building $240,000 4,800 2/28/20 4/1/20 Legal fees Fire insurance premium payment Special tax assessment for streets 7,200 6,480 5,400 5/1/20 5/1/20 5/1/20 Partial payment of new building construction Final payment on building construction General expenses 252,000 252,000 8/1/20 8/1/20 36,000 90,000 12/31/20 Asset write-up $893,880 Additional information: 1. To acquire the land and building on 1/31/20, the company paid $120,000 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 $224 2. When the old building was removed, Jennifer paid Kwik Demolition Co. $4,800, but also recelved $1,800 from the sale of salvaged material 3. Legal fees covered the following: Cost of organization Examination of title covering purchase of land $3,000 2,400 1,800 $7,200 Legal work in connection with the building construction 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 $24,000 Plant superintendent covering supervision of new building 12,000 $36,000 6. Because of the rising land costs, the president was sure that the land was worth at least $90,000 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