Gibbs Manufacturing Co. was incorporated on 1/2/10 but was unable to begin manufacturing activities until 8/1/10 because new factory facilities were not completed until that date. The Land and Building account at 12/31/10 per the books was as follows:$200,0004,0006,0005,4004,500150,000150,00030,00075,000$624,900Additional information:To acquire the land and building on 1/31/10, the company paid $100,000 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.When the old building was removed, Gibbs paid Kwik Demolition Co. $4,000, but also received $1,500 from the sale of salvaged material.Legal fees covered the following:$2,5002,0001,500$6,000The fire insurance premium covered premiums for a three-year term beginning May 1, 2010.General expenses covered the following for the period 1/2/10 to 8/1/10.$20,00010,000$30,000Because of the rising land costs, the president was sure that the land was worth at least $75,000 more than what it cost the company.InstructionsDetermine the proper balances as of 12/31/10 for a separate land account and a separate building account. Use separate T-accounts (one for land and one for building) labeling all the relevant amounts and disclosing all computations.
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