On july 1 2013 larkin co purchased a 430000 tract of land

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Reference no: EM13594525

On July 1, 2013, Larkin Co. purchased a $430,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2013 as follows

Demolition of existing building on site	$72,000
Legal and other fees to close escrow	12,600
Proceeds from sale of demolition scrap	9,600

What would be the balance in the land account as of December 31, 2013?

Reference no: EM13594525

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