Question

I just can’t figure out why I am getting the 2018 building and interest wrong and everything else right

ment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Grouper Landscaping began construction of a new plant on December 1, 2017. On this date, the company purchased a parcel of land for $139,200 in cash. In addition, it paid $1,920 in surveying costs and $4,560 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,120, with $720 being received from the sale of materials. Architectural plans were also formalized on December 1, 2017, when the architect was paid S 39 600 The necessary building permits costing O i20 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. ate of PaymentAmount of Payment March 1 May1 Duly 1 The building was completed on July 1, 2018. To finance construction of this plant, Grouper borrowed $612,000 from the bank on December 1, 2017. Grouper had no other borrowings. The $612,000 was a 10- 242,400 333,600 67,200 year loan bearing interest at 10%. Compute the balance in each of the following accounts at December 31, 2017, and December 31, 2018. (Round answers to O decimal places, e.g. 5,275.) December 31, 2017 December 31, 2018 (a) Balance in Land Account 148 (b) Balance in Building 4431 1086 (c) Balance in Interest Expense 351 785

Answer 1