Maple Island Company purchased land in 2017 for a new office complex at a cost of $525,000. On May 1, 2018, construction of the office complex began (the land was appraised at $575,000 on that date). Construction was completed on October 1, 2019. Construction financing was obtained at an annual interest rate of 8%. All construction borrowing was repaid on Nov. 1, 2019. Shoreline's financial year is the calendar year. During all of 2018 and 20198, Shoreline had the other following loans: Loan Amount Date of loan Bank A Bank B Annual Rate 7% 5% Construction payments June 1, 2018 September 1, 2018 February 1, 2019 April 1, 2019 October 1, 2019 $250,000 $500,000 Expenditures for the building, and draws against the construction loan agreement were as follows: December 31, 2019 May 1, 2018 July 1, 2017 Date of repayment July 1, 2020 April 1, 2020 Construction loan amounts 570,000 June 1, 2018 720,000 August 1, 2018 880,000 February 1, 2019 1,080,000 May 1, 2019 400,000 $40,000 540,000 900,000 180,000 Required: Balance sheet asset titles and account balances (not including accumulated depreciation relative the above transactions on: December 31, 2018 Maple Island Company purchased land in 2017 for a new office complex at a cost of $525,000. On May 1, 2018, construction of the office complex began (the land was appraised at $575,000 on that date). Construction was completed on October 1, 2019. Construction financing was obtained at an annual interest rate of 8%. All construction borrowing was repaid on Nov. 1, 2019. Shoreline's financial year is the calendar year. During all of 2018 and 20198, Shoreline had the other following loans: Loan Amount Date of loan Bank A Bank B Annual Rate 7% 5% Construction payments June 1, 2018 September 1, 2018 February 1, 2019 April 1, 2019 October 1, 2019 $250,000 $500,000 Expenditures for the building, and draws against the construction loan agreement were as follows: December 31, 2019 May 1, 2018 July 1, 2017 Date of repayment July 1, 2020 April 1, 2020 Construction loan amounts 570,000 June 1, 2018 720,000 August 1, 2018 880,000 February 1, 2019 1,080,000 May 1, 2019 400,000 $40,000 540,000 900,000 180,000 Required: Balance sheet asset titles and account balances (not including accumulated depreciation relative the above transactions on: December 31, 2018