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What is the initial cost of investment property

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Reference no: EM132904301

Love Company purchased an investment property on October 15, 2021. Love gave the following as payment for the investment property: P3,000,000 cash; P2,000,000, 12%, one-year note dated October 15, 2021; and machinery with a carrying amount of P250,000 but was given a trade-in allowance of P175,000. The present value factor of P1 for 1 period at 12% is 0.89.

Problem 1: What is the initial cost of investment property?

Option 1: P5,250,000

Option 2: P5,175,000

Option 3: P4,955,000

Option 4: P5,030,000

Reference no: EM132904301

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