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How much should the land be recorded in the books

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Reference no: EM132927827

Problem - Justin Company purchased a plant facility consisting of land and building 1 point from Joshua Company in exchange for 200,000 shares of Justin's share capital. On the acquisition date, Justin's shares had a closing market price of P65 on a stock exchange while its par value is P50. The plant facility was ' carried in Joshua's books at P3,000,000 for the land and P8,000,000 for the building at the exchange date. Current assessed values for the land and ' building, respectively are P4,500,000 and 7,000,000. How much should the Land be recorded in the books?

Reference no: EM132927827

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