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Sheridan Landscaping began construction of a new plant on December 1.2025, On this date, the company purchased a parcel of land for $152,900 in cash. In addition, it paid $2,200 in surveying costs and $4,400 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,300, with $1,100 being received from the sale of materials. Architectural plans were also formalized on December 1,2025 , when the architect was paid $30,000. The nocessary building permits costing $3,300 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 2026 as follows. The building was completed on July 1,2026. To finance construction of this plant, Sheridan borrowed $660,000 from the bank on December 1, 2025. Sheridan fad na other borrowings. The $660,000 was a 10 -vear loan bearing interest at 8%. Compute the balance in each of the following accounts at December 31,2025, and December 31,2026. To finance construction of this plant, Sheridan borrowed $660,000 from the bank on December 1, 2025. Sheridan had no other borrowings. The $660,000 was a 10 -year loan bearing interest at 8%. Compute the balance in each of the following accounts at December 31,2025 , and December 31,2026

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