On July 1, 2018, Larkin Co. purchased a $530,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2018 as follows: Demolition of existing building on site $71,000
Legal and other fees to close escrow 12,400
Proceeds from sale of demolition scrap 9,900

What would be the balance in the land account as of December 31, 2013?

$603,500

Explanation:

                                   Larkin Co.

Purchase cost =                                                     $530,000

Add: Demolition of existing building on site =    $71,000

Add: Legal and other fees to close escrow=       $12,400

Less: Proceeds from sale of demolition scrap =  $9,900

Balance of the land account =                             $603,500

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