On July 1, 2018, Larkin Co. purchased a $440,000 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 13,500 9,400 What would be the balance in the land account as of December 31, 2018? Multiple Choice $440,000. $505,000. Bloomington Inc. exchanged land for equipment and $3,400 in cash. The book value and the fair value of the land were $105,300 and $89,900, respectively. Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss) of Equipment $86,500 $105,300 86, 500o Gain/(loss) $ 3,400 s (3,400) $ (15,400) None of these answer choices are correct Multiple Choice Option A Option B