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Problem 1: On January 1, 20X6, PB Inc. and Jam Corp. jointly purchased land and a building. The land cost $2,000,000. The building cost $750,000 and is expected to have a useful life of 25 years with a residual value of $200,000. PB has a 35% interest in the joint operation. Select details of PB's property, plant, and equipment (PPE) as at December 31, 20X6, follow: Book value of land owned by PB for its own operations $6,000,000 Book value of land adjacent to jointly owned land (owned by PB but used exclusively in the joint operation) 4,000,000 What amount should PB report on its statement of financial position (SFP) as at December 31, 20X6, for PPE?
a) $8,354,800
b) $10,952,000
c) $10,954,800
d) $10,962,500
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