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What amount should the last be carried

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Problem 1: On Oct 1,2020, Aratilis Company issued 10,000 shares of the P25 par treasury ordinary share for a parcel of land to be held for a future plant site. The treasury shares were acquired by Aratilis Company at a cost of P30 per share. Aratilis ordinary share had a fair market value of P40 per share on Oct 1,2020. Aratilis received P50,000 from the sale of scrap when an existing structure onnthe site was razed. At the date of exchange, the land sells at a cash prize of P450,000. At what amount should the last be carried?

Reference no: EM132789757

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