Sheffield Landscaping began construction of a new plant on December 1, 2020. On this date, the company purchased a parcel of land for $144,000 in cash. In addition, it paid $2,640 in surveying costs and $3,840 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, 2020, when the architect was paid $39,600. 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 2021 as follows. Date of Payment Amount of Payment March 1 $256,800 333,600 May 1 July 1 62,400 The building was completed on July 1, 2021. To finance construction of this plant, Sheffield borrowed $612,000 from the bank on December 1, 2020. Sheffield had no other borrowings. The $612,000 was a 10-year loan bearing interest at 8%. 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 (b) Balance in Building (c) Balance in Interest Expense