Sage Landscaping began construction of a new plant on December 1, 2020. On this date, the company purchased a parcel of land for $139,200 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 $1.200 being received from the sale of materials. Architectural plans were also formalized on December 1, 2020, when the architect was paid $30,000. 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 2021 as follows. Date of Payment Amount of Payment March 1 $253,200 May 1 342,000 July 1 63,600 The building was completed on July 1, 2021. To finance construction of this plant, Sage borrowed $607.200 from the bank on December 1, 2020. Sage had no other borrowings. The $607.200 was a 10-year loan bearing interest at 876 Compute the balance in each of the following accounts at December 31, 2020, and December 31, 2021. (Round answers to decimal places, eg. 5,275.) December 31, 2020 December 31, 2021 (a) Balance in Land Account