ABC Company owns a tract of land which it purchased in 2017 for P 3,000,000. The land is held for future plant site and has a fair market value of P 4,800,000 on March 1, 2020. XYZ Co. also owns a tract of land held as future plant site. XYZ paid P 4,200,000 for the land in 2018 and the land has a fair market value of P 6,000,000 on March 1, 2020. On this date, ABC Company exchanged its land and paid P 1,200,000 cash for the land owned by XYZ. As a result of this transaction, the entity's specific value was not affected by the above exchange. How much should ABC Company record the land acquired in the exchange