Sheffield Landscaping began construction of a new plant on December 1, 2022 (all amounts in thousands). On this date, the company purchased a parcel of land for 177,920 in cash. In addition, it paid 2,560 in surveying costs and 5,120 for a title insurance policy. An old dwelling on the premises was demolished at a cost of 3,840, with 1,280 being received from the sale of materials. Architectural plans were also formalized on December 1, 2022, when the architect was paid 38,400. The necessary building permits costing 3,840 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 2023 as follows. Date of Payment Amount of Payment March 1 307,200 May 1 422,400 July 1 76,800 The building was completed on July 1, 2023. To finance construction of this plant, Sheffield borrowed #768,000 from the bank on December 1, 2022. Sheffield had no other borrowings. The 768,000 was a 10-year loan bearing interest at 8%. Excess funds from the loan were invested during 2022 and earned 2,560. During 2023, the excess funds from the loan earned \1,280. Compute the balance in each of the following accounts at December 31, 2022, and December 31, 2023. (Round answers to 0 decimal places, e.g. 5,275.) Compute the balance in each of the following accounts at December 31, 2022, and December 31, 2023. (Round answers to 0 decimal places, e.g. 5,275.) December 31, 2022 December 31, 2023 a. Land 188160 188160 b. Buildings + 44800 881280 C. Interest Expense 0 PI \ 30720