question archive The following costs were incurred by ABCDEFGH, Inc
The following costs were incurred by ABCDEFGH, Inc
Subject:BusinessPrice: Bought3
The following costs were incurred by ABCDEFGH, Inc.. during 2020: P120,000 1,890,000 250,000 110,400 July 1 Organization fees July 2 Land site and old building July 3 Option payments July 20 Broker's fees on property acquired July 30 Cost of remodeling the building August 30 Salaries of executives December Real property 21 taxes 60,000 360,000 240,000 Additional information: • The building acquired had a fair value of P450,000 while the land was currently appraised at P1,800,000 • P50,000 of the option money paid were for properties not acquired. • The executives had no participation on the remodeling of the building • The property taxes were for the 2020 calendar year. How much is the cost of land? O P1,856,320 O P1,512,000 O P2,288,000 O P1,992,320
