On July 1, 2018, Larkin Co. purchased a $520,000 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	$	83,000
Legal and other fees to close escrow		12,600
Proceeds from sale of demolition scrap		8,600

What would be the balance in the land account as of December 31, 2018?