[c#] JSON formatter in C#?

I was very impressed by compact JSON formatter by Vince Panuccio.
Here is an improved version I now use:

public static string FormatJson(string json, string indent = "  ")
{
    var indentation = 0;
    var quoteCount = 0;
    var escapeCount = 0;

    var result =
        from ch in json ?? string.Empty
        let escaped = (ch == '\\' ? escapeCount++ : escapeCount > 0 ? escapeCount-- : escapeCount) > 0
        let quotes = ch == '"' && !escaped ? quoteCount++ : quoteCount
        let unquoted = quotes % 2 == 0
        let colon = ch == ':' && unquoted ? ": " : null
        let nospace = char.IsWhiteSpace(ch) && unquoted ? string.Empty : null
        let lineBreak = ch == ',' && unquoted ? ch + Environment.NewLine + string.Concat(Enumerable.Repeat(indent, indentation)) : null
        let openChar = (ch == '{' || ch == '[') && unquoted ? ch + Environment.NewLine + string.Concat(Enumerable.Repeat(indent, ++indentation)) : ch.ToString()
        let closeChar = (ch == '}' || ch == ']') && unquoted ? Environment.NewLine + string.Concat(Enumerable.Repeat(indent, --indentation)) + ch : ch.ToString()
        select colon ?? nospace ?? lineBreak ?? (
            openChar.Length > 1 ? openChar : closeChar
        );

    return string.Concat(result);
}

It fixes the following issues:

1. Escape sequences inside strings
2. Missing spaces after colon
3. Extra spaces after commas (or elsewhere)
4. Square and curly braces inside strings
5. Doesn't fail on null input

Outputs:

{
  "status": "OK",
  "results": [
    {
      "types": [
        "locality",
        "political"
      ],
      "formatted_address": "New York, NY, USA",
      "address_components": [
        {
          "long_name": "New York",
          "short_name": "New York",
          "types": [
            "locality",
            "political"
          ]
        },
        {
          "long_name": "New York",
          "short_name": "New York",
          "types": [
            "administrative_area_level_2",
            "political"
          ]
        },
        {
          "long_name": "New York",
          "short_name": "NY",
          "types": [
            "administrative_area_level_1",
            "political"
          ]
        },
        {
          "long_name": "United States",
          "short_name": "US",
          "types": [
            "country",
            "political"
          ]
        }
      ],
      "geometry": {
        "location": {
          "lat": 40.7143528,
          "lng": -74.0059731
        },
        "location_type": "APPROXIMATE",
        "viewport": {
          "southwest": {
            "lat": 40.5788964,
            "lng": -74.2620919
          },
          "northeast": {
            "lat": 40.8495342,
            "lng": -73.7498543
          }
        },
        "bounds": {
          "southwest": {
            "lat": 40.4773990,
            "lng": -74.2590900
          },
          "northeast": {
            "lat": 40.9175770,
            "lng": -73.7002720
          }
        }
      }
    }
  ]
}