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What amount should be recorded as the cost of the building

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Question - At the beginning of the current year, Newman Company purchased a parcel of land as a factory site for P1,000,000. An old building on the property was demolished to pave way for the construction of the new building which was completed at year-end. Demolition of the old building - P100,000; Architect fee - P175,000; Legal fee for title investigation and purchase contract - P25,000; Construction cost - P5,450,000. What amount should be recorded as the cost of the building?

Reference no: EM132799190

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