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210.000 Gibbs Manufacturing Co. was incorporated on 1/2/20 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 Amount 1/31/20 Land and dilapidated building $200,000 2/28/20 Cost of removing building 4,000 4/1/20 Legal fees 6,000 5/1/20 Fire insurance premium payment 5.400 5/1/20 Special tax assessment for streets 4,500 5/1/20 Partial payment of new building construction 210.000 8/1/20 Final payment on building construction 8/1/20 General expenses 30,000 12/31/20 Asset write-up 75.000 $744.900 Additional information 1. To acquire the land and building on 1/31/20, the company paid $100.000 cash and 1,000 shares of its common stock (par value $100share) which is very actively traded and had a fair value per share of $180 2. When the old building was removed, Gibbs paid Kwik Demolition Co. $4,000, but also received $1,500 from the sale of salvaged material 3. Legal fees covered the following: Cost of organization $2,500 Examination of the covering purchase of land 2,000 Legal work in connection with the building construction 1.500 $5,000 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 $20,000 Plant superintendent covering supervision of new building 10.000 $30.000 6. Because of the rising and 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 12/31/20 for a separate land account and a separate buildings account. Use separate T-accounts (one for land and one for buildings) labeling all the relevant amounts and disclosing all computations Land Buildings