Metlock Resorts began construction of a new hotel on October 1, 2017. On this date, the company purchased a parcel of land for $262,000 in cash. In addition, it paid $3.300 in surveying costs and $7,400 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $8,700, with $1.800 being received from the sale of materials, Architectural plans were also formalized on October 1, 2017, when the architect was paid $61.000. The necessary building permits costing $15,000 were obtained from the city and paid for on October 1 as well. The excavation work began during the first week in October with payments made to the contractor as follows. . Date of Payment January 1 Amount of Payment $795,000 April 1 900,000 July 1 502,000 The building was completed on July 1, 2018 To finance construction of this hotel. Matlock borrowed $2,497.000 from the bank on December 1, 2017 Matlock had no other borrowings. The $2,497.000 vas a 10-year loan bearing interest at 6%. Compute the balance in each of the following accounts at December 31, 2017. and December 31, 2016. Round answer to decimal places. 5.275 December 31, 2017 December 31. 2018 (a) Balance in Land Account () Balance in Building Ich Balance in Interest Expense