On July 1, 2018, Larkin Co. purchased a $420,000 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 $ 66,000 13, 100 9,600 What would be the balance in the land account as of December 31, 2018? Multiple Choice C) $489,500 O $420,000 0 $499,100 $486.000