On July 1, 2021, Larkin Co. purchased a $460,000 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	$	66,000
Legal and other fees to close escrow		13,200
Proceeds from sale of demolition scrap		9,100

What would be the balance in the land account as of December 31, 2021?

Multiple Choice

$530,100.

$526,000.

$460,000.

$539,200.