Question: On July 1 , 2 0 2 4 , a company purchased a $ 4 0 0 , 0 0 0 tract of land that

On July 1,2024, a company purchased a $400,000 tract of land that is intended to be the site of a new office complex. The company incurred additional costs and realized salvage proceeds during 2024 as follows:
Demolition of existing building on site $ 75,000 Legal and other fees to close escrow 12,000 Proceeds from sale of demolition scrap
10,000
What would be the balance in the land account as of December 31,2024?
Multiple Choice
$487,000
$400,000
$475,000
$477,000
On July 1 , 2 0 2 4 , a company purchased a $ 4 0

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