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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 $410,000 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 $76,000

Legal and other fees to close escrow 13,200

Proceeds from sale of demolition scrap 9,800

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

Reference no: EM133065750

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