Sunland Company was incorporated on January 2, 2018, but was unable to begin manufacturing activities until July 1, 2018, because new factory facilities were not completed until that date. The Land and Buildings account reported the following items during 2018.

January 31 Land and building $170,900 February 28 Cost of removal of building 9,846 May 1 Partial payment of new construction 64,210 May 1 Legal fees paid 4,430 June 1 Second payment on new construction 43,300 June 1 Insurance premium 2,280 June 1 Special tax assessment 3,810 June 30 General expenses 35,098 July 1 Final payment on new construction 32,960 December 31 Asset write-up 51,855 418,689 December 31 Depreciation-2018 at 1% (3,757 ) December 31, 2018 Account balance $414,932

The following additional information is to be considered.

1. To acquire land and building, the company paid $90,900 cash and 800 shares of its 8% cumulative preferred stock, par value $100 per share. Fair value of the stock is $120 per share. 2. Cost of removal of old buildings amounted to $9,846, and the demolition company retained all materials of the building. 3. Legal fees covered the following.

Cost of organization $630 Examination of title covering purchase of land 1,730 Legal work in connection with construction contract 2,070 $4,430

4. Insurance premium covered the building for a 2-year term beginning May 1, 2018. 5. The special tax assessment covered street improvements that are permanent in nature. 6. General expenses covered the following for the period from January 2, 2018, to June 30, 2018.

Presidents salary $31,290 Plant superintendents salary-supervision of new building 3,808 $35,098

7. Because of a general increase in construction costs after entering into the building contract, the board of directors increased the value of the building $51,855, believing that such an increase was justified to reflect the current market at the time the building was completed. Retained earnings was credited for this amount. 8. Estimated life of building-50 years. Depreciation for 2018-1% of asset value (1% of $375,700, or $3,757).

Prepare entries to reflect correct land, buildings, and depreciation accounts at December 31, 2018. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No. Account Titles and Explanation Debit Credit 1. Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense 2. Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense

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Show the proper presentation of land, buildings, and depreciation on the balance sheet at December 31, 2018. (Round answers to 0 decimal places, e.g. 5,275.)

Sunland Company Balance Sheet December 31, 2018 Current Assets Current Liabilities Land Intangible Assets Long-term Investments Long-term Liabilities Property, Plant, and Equipment Buildings Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Accumulated DepreciationBuildings Total Stockholders' Equity Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense $ Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense $ Add Less : Accumulated DepreciationBuildings Buildings Depreciation Expense Insurance Expense Land Land and Buildings Paid-in Capital in Excess of ParCommon Stock Prepaid Insurance Organization Expense Retained Earnings Salaries and Wages Expense Current Assets Current Liabilities Land Intangible Assets Long-term Investments Long-term Liabilities Property, Plant, and Equipment Buildings Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Accumulated DepreciationBuildings Total Stockholders' Equity $