"Determine the proper balances as of 12/31/2010 for a separate land account and a separate building account.

"Determine the proper balances as of 12/31/2010 for a separate land account and a separate building account. Use separate T-accounts (one for land and one for building) " 1/31/10 Land and dilapidated bldg 200k2/2/10 Cost of removing bldg 4k4/1/10 Legal fees 6k5/1/10 Fire insurance premium payment 54005/1/10 Sprecial tax assessment for streets 45005/1/10 Partial payment of new bldg construction 150k8/1/10 Final payment on building construction 150k8/1/10 General expenses 30k12/31/10 Asset write-up 75k" Additional info for problem:1. to acquire the land and bldg on 1/31/10, the company paid 100k cash and 1,000 shares of its common stock (par value = 100/share) which is very actively traded and had a market value per share of $170.2. When the old bldg was removed, Co. A paid Co. B 4k, but also rec'd 1500 from the sale of salvaged material.3. Legal fees covered the following:Cost of organization 2500Examination of title covering purchase of land 2kLegal work in connection with the bldg construction 15004. The fire insurance premium covered premiums for a three-year term beginning May 1, 2010.5. General expenses covered the following for the perid 1/2/2010 to 8/1/2010.President's salary 20kPlant superintendent covering supervision of new bldg 10k6. Because of the rising land cost, the president was sure that he land was worth at least 75k more than what it cost the company."