1. Tower Company made the following acquisitions during the year: Purchased for P5,400,000, including appraiser fee of P50,000, a warehouse building and the land on which it is located. The land had an appraised value of P2,000,000 and original cost of P1,400,000. The building had an appraised value of P3,000,000 and original cost of P2,800,000. Purchased an office building and the land on which it is located for P7,500,000 cash and assumed an existing P2,500,000 mortgage. For realty tax purposes, the property is assessed at P9,600,000, 60% of which is allocated to the building. What is the total cost of land? O a. 6,160,000 b. 5,840,000 O c. 6,000,000 O d. 5,000,0001-B What is the total cost of building? O a. 8,760,000 b. 9,240,000 c. 9,000,000 d. 7,760,0002. An equipment is purchased for P100,000, 2/10, n/30. The purchase may 10 points be recorded using either the gross method or net method. Prepare journal entries using the gross method and net method. Your