Business, 31.12.2020 01:00 anna2894

On July 1, 2018, Larkin Co. purchased a $440,000 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 Legal and other fees to close escrow Proceeds from sale of demolition scrap $65,000 13,500 9,400 What would be the balance in the land account as of December 31, 2018?
a) $440,000.
b) $505,000.

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On July 1, 2018, Larkin Co. purchased a $440,000 tract of land that is intended to be the site of a...