119. On July 1, 20x1, Town Company purchased for 540,000 a warehouse building and the land on which it is located. The following data were available concerning the property:

Current appraised value Seller's original cost

Land 200,000 140,000

Warehouse building 300,000 280,000

Totals 500,000 420,000

Town should record the land at?

• P216,000
• P180,000
• P140,000
• P200,000
• Answer not given