On July 1, 2021, Larkin Co. purchased a $480,000 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 $69,000 13,400 9,000 What would be the balance in the land account as of December 31, 2021? Multiple Choice $562,400. $480,000. O O $553,400. $549,000 O