Sheridan Landscaping began construction of a new plant on December 1, 2020. On this date, the company purchased a parcel of land for $138,000 in cash. In addition, it paid $2,880 in surveying costs and $4,560 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 $32,400. 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		339,600
July 1		67,200

The building was completed on July 1, 2021. To finance construction of this plant, Sheridan borrowed $610,800 from the bank on December 1, 2020. Sheridan had no other borrowings. The $610,800 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 0 decimal places, e.g. 5,275.)

Using Excel calculate the following (show your work and use formulas where appropriate):

1. Balance in the Land account for December 31, 2020 and December 31, 2021
2. The weighted average of accumulated expenditures for 2020
3. The amount of interest capitalized in 2020
4. The weighted average of accumulated expenditures for 2021
5. The amount of interest capitalized in 2021
6. Balance in the Building account for December 31, 2020 and December 31, 2021
7. Balance in the Interest Expense account for December 31, 2020 and December 31, 2021