On July 1, 2018, 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 2018 as follows: Demolition of existing building on site Legal and other fees to close escrow Proceeds from sale of demolition scrap $65,000 12,700 9,700 What would be the balance in the land account as of December 31, 2018 Multiple Choice $410,000. $478,000