Kingbird Landscaping began construction of a new plant on December 1, 2020. On this date, the company purchased a parcel of land for $141,600 in cash. In addition, it paid $2,400 in surveying costs and $4,800 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,120, with $960 being received from the sale of materials. Architectural plans were also formalized on December 1, 2020, when the architect was paid $30,000. The necessary building permits costing $3,120 were obtained from the city and paid for on December 1 as well. The excavation work began during the first week in December with payments made to the contractor in 2021 as follows. Date of Payment March 1 May 1 July 1 Amount of Payment $252,000 340,800 61,200 The building was completed on July 1, 2021. To finance construction of this plant, Kingbird borrowed $602,400 from the bank on December 1, 2020. Kingbird had no other borrowings. The $602,400 was a 10-year loan bearing interest at 10%. Compute the balance in each of the following accounts at December 31, 2020, and December 31, 2021. (Round answers to O decimal places, e.g. 5,275.) December 31, 2020 December 31, 2021 (a) Balance in Land Account (b) Balance in Building (c) Balance in Interest Expense