On July 1,2016,Larkin Co.purchased a $400,000 tract of land that is intended to be the site of a new office complex.Larkin incurred additional costs and realized salvage proceeds during 2016 as follows:
What would be the balance in the land account as of December 31,2016?
A) $400,000.
B) $475,000.
C) $477,000.
D) $487,000.
Correct Answer:
Verified
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