On July 1, 2013, Larkin Co. purchased a $430,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2013 as follows
| Demolition of existing building on site |
$72,000 |
| Legal and other fees to close escrow |
12,600 |
| Proceeds from sale of demolition scrap |
9,600 |
What would be the balance in the land account as of December 31, 2013?