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What the land should be carried at

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Question 1: On October 1, Tak Inc. exchanged 8,000 shares of its P25 PAR value ordinary share for a parcel of land to be used as site for a new plant. Tak's ordinary share had a fair value of P80 per share on the exchange date. Tak received P36,000 from the sale of scrap when an existing building on site was razed. The land should be carried at

Option 1: P236,000

Option 2: P640,000

Option 3: Answer not given

Option 4: P604,000

Option 5: P200,000

Reference no: EM132553002

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