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How much should be recorded as cost of the building

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Reference no: EM132867243

Problem 1: GALING Co. acquired a building on March 1, 2021. The costs related to the acquisition are as follows: Purchase price: P7,000,000; Options: P300,000 (of which P100,000 is incurred on a building which is not acquired) Repairs of P500,000 which consists of renovation, remodeling of office space and new partitions before occupying the building. How much should be recorded as cost of the building?

A. P7,800,000
B. P7,700,000
C. P7,500,000
D. P7,300,000

Reference no: EM132867243

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