Teal Landscaping began construction of a new plant on December 1, 2017. On this date, the company purchased a parcel of land for $144,000 in cash. In addition, it paid $2,160 in surveying costs and $4,320 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, 2017, when the architect was paid $40,800. 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 2018 as follows.

Date of Payment

Amount of Payment

March 1 $255,600

May 1 338,400

July 1 63,600

The building was completed on July 1, 2018.

To finance construction of this plant, Teal borrowed $603,600 from the bank on December 1, 2017. Teal had no other borrowings. The $603,600 was a 10-year loan bearing interest at 9%.

Compute the balance in each of the following accounts at December 31, 2017, and December 31, 2018