On December 1, 2010, Boyd Co. purchased a $400,000 tract of land for a factory site. Boyd razed an old building on the property and sold the materials it salvaged from the demolition.

Boyd incurred additional costs and realized salvage proceeds during December 2010 as follows:

Demolition of old building $50,000 Legal fees for purchase contract and recording ownership 10,000 Title guarantee insurance 12,000 Proceeds from sale of salvaged materials 8,000 In its December 31, 2010 balance sheet, Boyd should report a balance in the land account of

a. $464,000

b. $460,000

c. $442,000

d. $422,000