TammyManufacturing 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:

DateItemAmount1/31/20Land and dilapidated building$224,0002/28/20Cost of removing building4,4804/1/20Legal fees6,7205/1/20Fire insurance premium payment6,0485/1/20Special tax assessment for streets5,0405/1/20Partial payment of new building construction235,2008/1/20Final payment on building construction235,2008/1/20General expenses33,60012/31/20Asset write-up84,000$834,288

Additional information:

1.To acquire the land and building on 1/31/20, the company paid $112,000cash 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,Tammypaid Kwik Demolition Co. $4,480, but also received $1,680from the sale of salvaged material.3.Legal fees covered the following:

Cost of organization

$2,800Examination of title covering purchase of land

2,240Legal 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

$22,400Plant superintendent covering supervision of new building

11,200$33,6006.Because of the rising land costs, the president was sure that the land was worth at least $84,000more 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.