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What the amount under building included in statement

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On March 1, 2021 CALVIN COMPANY acquired a piece of land with a building for a lumpsum amount of P1,000,000. The building was too old and dilapidated rendering it unusable and worthless. CALVIN COMPANY intends to demolish the building to construct a new one. May 1, 2021, the total demolition costs incurred was P30,000. Proceeds from the demolition of the building amounted to P5,000.
Total construction cost of the building, completed at the end of the year totaled P750,000.

Problem a. The amount under land, included in the 2021 statement of financial position is

Problem b. The amount under building included in the 2021 statement of financial position is

Reference no: EM133002775

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