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What the land should be carried for abc co

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Reference no: EM132867210

Question 1: On January 5, 2020, ABC Co. exchanged 8,000 shares of its P25 par value ordinary shares for a parcel of land to be held for a future plant site. The ordinary shares had fair market value of P80 per share on that date. ABC Co. received P36,000 from the sale of scrap when an existing building on the site was razed. The land should be carried at

a. P200,000
b. P236,000
c. P604,000
d. P640,000
e. None of the choices

Reference no: EM132867210

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