22. JBL Corporation purchased land to develop as real estate and later on build a new building after 5 years. The purchase price of land is P5,000,000, the cost to demolish an old building (net of salvage value proceeds of P30,000) is P400,000, Fee for title search 30,000, legal fees paid in registering the land P80,000, property taxes assumed by JBL Corporation is 105,000 and cost of grading and leveling is P540,000. JBL Corporation estimated that the construction cost of new building is approximately P4,500,000. What is the cost of Land?

Group of answer choices

a. 6,185,000

b. 6,155,000

c. 5,755,000

d. 6,125,000