1. In preparing the 2021 draft financial statement of ALICE Company, the Land account of P8,000,000 to be reported under Property, Plant and Equipment included the following items: P400,000 held for long-term capital appreciation P250,000 held for sale in the ordinary course of business P275,000 grazing ground for cattle P300,000 held for a currently undetermined future use The correct amount reported under the Land account included in the Property, Plant & Equipment section is