10. On December 1, 2021. Day Company purchased a P4,000,000 tract of land to be used as a factory site. Day razed the old building on the property and sold the materials it salvaged from the demolition. Day incurred additional costs and realized proceeds from salvaged materials as fol lows: Payments to tenants to vacate premises P200,000 Architectural design fees 250,000 Demolition cost of old building 100,000 Legal fees for purchase contract and recording ownership 150,000 Delinquent property taxes on land 50,000 Proceeds from sale of salvaged materials 20,000 Required: Applying the interpretations of PIC, what is the correct cost of the land? Property, plant and equipment section of the statement of financial position of Yu Corporation at December 31, 2020 included the following: La nd P7 00,000 Land improvements 500,000 Building 9,000,000 Machinery and equipment 930,000 During 2021, the following data were furnished to you for your analysis of the property. plant and equipment account