On July 1, 2021, Larkin Co. purchased a $490,000 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 build Legal and other fees to clos Proceeds from sale of demoli What would be the balance in the land account as of December 31, 2021? building on site close escrow $72,000 12,100 emolition scrap 9,400 What would be the balance in the land account as of December 31, 2021? Multiple Choice $574,100. $490,000. $564,700. $562,000