Problem Skysong Landscaping began construction of a new plant on December 1, 2017. On this date, the company purchased a parcel of land for $145,200 in cash. In addition, it paid $2,640 in surveying costs and $4,320 for a title insurance policy. An old dwelling on the premises was demolished at a cost of$3,360, with $720 being received from the sale of materials 10-6 Architectural plans were also formalized on December 1, 2017, when the architect was paid $33,600. 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 PaymentAmount of Payment March 1 May 1 July 1 $260,400 331,200 64,800 The building was completed on July 1, 2018 To finance construction of this plant, skysong bomowed S609,600 from the bank on December 1, 2017. Skysong had no other borrowings. The $609,600 was a 10-year loan bearing interest at 9%. 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