Problem 6. (10) On July 1, 2021, Hyde Inc. purchased land and incurred other costs relative to the construction of a new warehouse. A summary of economic activities is listed below: Purchase price Title insurance Legal fees to purchase land Cost of razing old building on lot Proceeds from sale of salvageable materials Cost of landscaping Cost of grading and filling building site Cost of building construction Interest on construction loan Cost of constructing driveway Cost of parking lot and fencing $185,000 $1,500 $1,000 8,500 (1,200) 3,000 9,000 620,000 12,000 8,000 12,000 Required: SHOW COMPUTATIONS- Indicate the accounts (land, land improvement, building) that would be affected by the above transactions and the resulting balance in each account. Apply the interest on the construction loan to the cost of the building only. R