1. Chameleon Company purchased a P4,000,000 tract of land as a factory site The entity razed an old building on the property and sold the materials it salvaged from the demolition Demolition of old building 200,000 Legal fees for purchase contract and recording title 150.000 Title guarantee insurance 50,000 Proceeds from sale of salvaged materials 20,000 What is the initial carrying amount of land? a. 4,200,000 c. 4,050.000 b. 4,150,000 d, 4,400,000