41 On July 1, 2016, Larkin Co. purchased a $400,000 tract of land that is intended to be the site of a new office complex. Larkin Incurred additional costs and realized salvage proceeds during 2016 as follows: Demolition of existing building on site Legal and other fees to close escrow Proceeds from sale of demolition scrap $75,000 12,000 10,000 What would be the balance in the land account as of December 31, 2016? O $477,000. O $475,000 O $487,000. O $400,000. QUESTION 42