On July 1, 2022, Uzunyan Co. purchased a $400,000 parcel of land that is intended to be the site of a new office complex. Uzunyan incurred additional costs and realized salvage proceeds during 2022 as follows:

Demolition of existing building on site	$	75,000
Legal and other fees to close escrow		12,000
Proceeds from sale of demolition scrap		10,000

What would be the balance in the land account as of December 31, 2022?

Group of answer choices

$400,000.

$477,000.

$487,000.

$475,000.