On July 1, 2021, 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 2021 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, 2021? Multiple Choice $400,000. $475,000. $477,000. $487,000