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What is the cost assigned to land

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Chot acquired a tract of land with an existing building in exchange for 20,000 ordinary shares of P 10 par value with a market price of P 20 per share on the date of acquisition. The last tax bill assessed value of P 200,000 for the land and P 120,000 for the building. However, the land has a fair value of P 550,000 and the building has no determinable fair value. Shortly, after acquisition, the building was razed at a cost of P 9,000 in anticipation of a new building construction.

Question 1: What is the cost assigned to land?

Reference no: EM132788325

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