1. Based on the above and the result of your audit, determine the following: Cost of Land

Please provide your COMPLETE AND COMPREHENSIVE SOLUTIONS for your answers in a WHITE CLEAN SHEET OF BOND PAPER. BOX your FINAL ANSWER. Answer with incomplete solution is invalid. Answers must be encoded as "P0,000,000.00". Round your answers in two decimal places. . . Honesty Corp was incorporated on January 2, 2020. The following items relate to the Honesty property and equipment transactions: Building leased out under an operating lease (the entity provides significant ancillary services to the lessees) P20,000,000.00 Land held for undecided future use 15,000,000.00 Building held for future use as owner occupied property 10,000,000.00 Invoice price of equipment 3,000,000.00 Cash discount not taken 50,000.00 Cost of parking lot adjoining building 650,000.00 Payment of for land to be use for future development as owner occupied 7,000,000.00 While searching for a suitable block of land, Sitar placed an option to buy with three real estate agents at a cost of P1,500 each 4,500.00 Land held for long-term capital appreciation 8,000,000.00 Payment for construction contractor for factory building 6,700,000.00 Payment for safety fence around construction fence 71,000.00 Cost of shrubs, trees and other landscaping 240,000.00 Payment of new fence 59,000.00 Special plumbing fixtures required for this equipment 10,300.00 Cash allowance granted because the new equipment proved to be inferior quality 15,000.00 . . . . . Please provide your COMPLETE AND COMPREHENSIVE SOLUTIONS for your answers in a WHITE CLEAN SHEET OF BOND PAPER. BOX your FINAL ANSWER. Answer with incomplete solution is invalid. Answers must be encoded as "P0,000,000.00". Round your answers in two decimal places. . . Honesty Corp was incorporated on January 2, 2020. The following items relate to the Honesty property and equipment transactions: Building leased out under an operating lease (the entity provides significant ancillary services to the lessees) P20,000,000.00 Land held for undecided future use 15,000,000.00 Building held for future use as owner occupied property 10,000,000.00 Invoice price of equipment 3,000,000.00 Cash discount not taken 50,000.00 Cost of parking lot adjoining building 650,000.00 Payment of for land to be use for future development as owner occupied 7,000,000.00 While searching for a suitable block of land, Sitar placed an option to buy with three real estate agents at a cost of P1,500 each 4,500.00 Land held for long-term capital appreciation 8,000,000.00 Payment for construction contractor for factory building 6,700,000.00 Payment for safety fence around construction fence 71,000.00 Cost of shrubs, trees and other landscaping 240,000.00 Payment of new fence 59,000.00 Special plumbing fixtures required for this equipment 10,300.00 Cash allowance granted because the new equipment proved to be inferior quality 15,000.00