On July 1, 2021, Larkin Co. purchased a $590,000 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	$	70,000
Legal and other fees to close escrow		13,900
Proceeds from sale of demolition scrap		9,600

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