Martinez Landscaping began construction of a new plant on December 1, 2020. On this date, the company purchased a parcel of land for $150,000 in cash. In addition, it paid $2,400 in surveying costs and $3,840 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,360, with $1,200 being received from the sale of materials. Architectural plans were also formalized on December 1, 2020, when the architect was paid $36,000. 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 2021 as follows. Date of Payment Amount of Payment March 1 $262,800 May 1 333,600 July 1 63,600 The building was completed on July 1, 2021. To finance construction of this plant, Martinez borrowed $603,600 from the bank on December 1, 2020. Martinez had no other borrowings. The $603,600 was a 10-year loan bearing interest at 10%. Compute the balance in each of the following accounts at December 31, 2020, and December 31, 2021