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 1/31/20 Land and dilapidated building 2/28/20 Cost of removing building 4/1/20 Legal fees 5/1/20 Fire Insurance premium payment 5/1/20 Special tax assessment for streets 5/1/20 Partial payment of new building construction 8/1/20 Final payment on building construction 8/1/20 General expenses 12/31/20 Asset write-up Amount $220.000 4.400 6,600 5.940 4,950 231.000 231.000 33,000 82.500 $819,390 1. To acquire the land and building on 1/31/20, the company paid $110,000 cash and 1,000 shares of its common stock (par value = $100/sharel which is very actively traded and had a fair value per share of $204. 2. When the old building was removed, Jennifer paid Kwik Demolition Co. $4,400, but also received $1.650 from the sale of salvaged material. 3. Legal fees covered the following: Cost of organization $2.750 Examination of title covering purchase of land 2,200 Legal work in connection with the building construction 1.650 $6,600 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 $22.000 Plant superintendent covering supervision of new building 11,000 $33,000 6. Because of the rising land costs, the president was sure that the land was worth at least $82,500 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 95 A 0 4 - ENG 111/200 Buildings S im9