QUESTION 10 On July 1, 2021, a company purchased a $500,000 tract of land that is intended to be the site of a new office complex. The company incurred additional costs and realized salvage proceeds during 2021 as follows: Cost of demolition of existing building on site Cost of legal and other fees to close escrow Proceeds from sale of demolition scrap $75,000 $14,000 $10,000 What would be the balance in the LAND account as of December 31, 2021? $589,000 $500,000 $575,000 $579,000