On july 1, 2021, larkin co. purchased a $410,000 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 $ 68,000 legal and other fees to close escrow 12,800 proceeds from sale of demolition scrap 8,300 what would be the balance in the land account as of december 31, 2021?

$482,500

Explanation:

Cost of tract of land = $410,000

Additional costs;

Demolition of existing building = $68,000

Legal and other fees to close escrow = $12,800

Proceeds from sale of demolition scrap = $8,300

Net cost incurred on demolition = $68,000 - $8,300

                                                     = $59,700

Total cost to be capitalized = $410,000 + $12,800 + $59,700

                                             = $482,500

Balance in the land account as at December 31, 2021 is $482,500.

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