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Determine the initial amount recorded for land

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On May 1, 2021, FINN Corporation purchased for P1,200,000, a tract of land on which a warehouse and office building were located. The following data were collected concerning the property:

                           Current Assessed Valuation              Vendor's Original Cost
Land                        720,000                                    400,000
Warehouse               450,000                                     320,000
Office Building           330,000                                        280,000

Problem 1: Determine The initial amount recorded for (a) land; (b) warehouse; (c) office building

Reference no: EM132984605

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