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What would be the balance in the land account as of December

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Question - On July 1, 2021, Larkin Co. purchased a $510,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2021 as follows:

Demolition of existing building on site $75,000

Legal and other fees to close escrow 12,100

Proceeds from sale of demolition scrap 9,000

What would be the balance in the land account as of December 31, 2021?

Reference no: EM132954319

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