2 O points earned COOKIE COMPANY purchased land as a factory site for P2,400,000. The entity paid P240,000 to tear down a building on the land. Salvage was sold for P 20,000. Legal Fee of P15,000 was paid for title investigation and making the purchase. Architect fee was P 125,000. Title Insurance was P10,000 and liability insurance during construction amounted to P 25,000. Excavation cost was P 40,000. The contractor was paid P 8,800,000. An assessment made by the city for pavement was P30,000. Interest cost during construction was P300,000. I) What is the cost of the land? II) What is the cost of the building? I) P 2,695,000 II) P 9,320,000 I) P 2,700,000 II) P 9,250,000 I) P 2,645,000 II) P 9,265,000 I) P 2,675,000 II) P 9,290,000