Problem 10-6 Tamarisk Landscaping began construction of a new plant on December 1, 2017. On this date, the company purchased a parcel of land for $150,000 in cash. In addition, it paid $2,160 in surveying costs and $4,080 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,360, with $960 being received from the sale of materials Architectural plans were also formalized on December 1, 2017, when the architect was paid $31,200. The necessary building permits costing $3,360 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 2018 as follows. Date of Payment March 1 May 1 July 1 The building was completed on July 1, 2018. To finance construction of this plant, Tamarisk borrowed $612,000 from the bank on December 1, 2017. Tamarisk had no other borrowings. The $612,000 was Amount of Payment $255,600 342,000 61,200 a 10-year loan bearing interest at 10%. Compute the balance in each of the following accounts at December 31, 2017, and December 31, 2018. (Round answers to O decimal places, e.g. 5,275) December 31, 2017 December 31, 2018 (a) Balance in Land Account (b) Balance in Building (c) Balance in Interest Expense