Tammy Manufacturing Co. was incorporated on 1/2/17 but was unable to begin manufacturing activities until 8/1/20 because new factory facilities were not completed until that date. The Land and Buildings account at 12/31/20 per the books was as follows:

Date		Item		Amount
1/31/20		Land and dilapidated building		$224,000
2/28/20		Cost of removing building		4,480
4/1/20		Legal fees		6,720
5/1/20		Fire insurance premium payment		6,048
5/1/20		Special tax assessment for streets		5,040
5/1/20		Partial payment of new building construction		235,200
8/1/20		Final payment on building construction		235,200
8/1/20		General expenses		33,600
12/31/20		Asset write-up		84,000
				$834,288

Additional information:

1.

To acquire the land and building on 1/31/20, the company paid $112,000 cash and 1,000 shares of its common stock (par value = $100/share) which is very actively traded and had a fair value per share of $208.

2.

When the old building was removed, Tammy paid Kwik Demolition Co. $4,480, but also received $1,680 from the sale of salvaged material.

3.

Legal fees covered the following:

Cost of organization		$2,800
Examination of title covering purchase of land		2,240
Legal work in connection with the building construction		1,680
		$6,720

4.

The fire insurance premium covered premiums for a three-year term beginning May 1, 2020.

5.

General expenses covered the following for the period 1/2/20 to 8/1/20.

President's salary		$22,400
Plant superintendent covering supervision of new building		11,200
		$33,600

6.

Because of the rising land costs, the president was sure that the land was worth at least $84,000 more than what it cost the company.

Determine the proper balances as of 12/31/20 for a separate land account and a separate buildings account.

Land		$_________________
Buildings		$ _________________