What is the capitalized cost of the land

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Problem 1: BTS Inc purchased land with old buildings as a factory site for P18,000,000. The company paid P1,800,000 to tear down two buildings on the land. Salvage was sold for P162,000. Legal fees of P150,000 were paid for title investigation. P1,300,000 in delinquent taxes on the property were paid. Architect's fees were P935,000. Insurance during construction cost was P150,000. Excavation cost was P300,000. The contractor was paid P50,000,000. Payment made to the city mayor's office for the assessment of roads and pavement was P300,000. What is the capitalized cost of the land?

Reference no: EM132999076

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