Oh No! Manufacturing Co. was incorporated on 1/2/04 but was unable to begin manufacturing activities until 8/1/04 because new factory facilities were not completed until that date. The Land and Building account at 12/31/04 per the books was as follows: Item Land and dilapidated building Cost of removing building Legal fees Fire insurance premium payment Special tax assessment for streets Partial payment of new building construction Final payment on building construction General expenses Asset write-up Additional information: To acquire the land and building on 1/31/04, the company paid $10,000 cash and 1,000 shares of ills common stock (par value = $ 100/share) which is very actively traded and had a market value per share of $410. When the old building was removed, Potts paid K wick Demolition Co. $5,000, but also received $2,000 from the sale of salvaged material. Legal fees covered the following; Cost of organization Examination of title covering purchase of land Legal work in connection with the building construction the fire insurance premium covered premiums for a three-year term beginning May 1, 2004. General expenses covered the following for the period 1/2/04 to 8/1/04. President's salary Plant superintendent covering supervision of new building Because of the rising land costs, the president was sure that the land was worth at least $75,000 more than what it cost the company. Instructions Determine the proper balances as of 12/31/04 for a separate land account and a separate building account. Use separate T-accounts (one for land and one for building) labeling all the relevant amounts and disclosing all computations