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$83,000? Legal and other fees to close escrow 12,100? Proceeds from sale of demolition scrap 8800? What would be the balance in the land account as of December 31, 2021?
A. $575,100.
B. $563,000.
C. $480,000.
D. $566,300.
Answer: D
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