How much is the cost of land

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Question - The following costs were incurred by ABCDEFGH, Inc.. during 2020:

July 1 Organization fees P120,000

July 2 Land site and old building 1,890,000

July 3 Option payments 250,000

July 20 Broker's fees on property acquired 110,400

July 30 Cost of remodeling the building 60,000

August 30 Salaries of executives 360,000

December 21 Real property taxes 240,000

Additional information:

The building acquired had a fair value of P450,000 while the land was currently appraised at P1,800,000 P50,000 of the option money paid were for properties not acquired.

The executives had no participation on the remodeling of the building

The property taxes were for the 2020 calendar year.

Required - How much is the cost of land?

Reference no: EM133059310

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