An entity provided the following trial balance on June 30, 2015:

Cash overdraft Accounts receivable, net Inventory Prepaid expenses Land ( 200,000) 700,000 700,000 200,000 2,000,000 Property, plant and equipment, net Accounts payable and accrued expenses Share capital Share premium Retained earnings 1,900,000 640,000 2,500,000 500,000 1,660,000 On the date of valuation, it is assessed that the long-term assets of the company were purchased 5 years ago and never been revalued ever since. Therefore, it was determined that the current fair values of these long-term assets are 20% higher than their current book value. Required: Determine the value of the firm using cost approach. Case 2 On December 31, 2015, Hanzo Company is planning to purchase Buff Incorporated. Hanzo is not sure how much it needs to pay for the acquiring Buff Incorporated. The management of Hanzo wants to determine the value of the firm to decide the price it will pay to acquire the firm. Buff's statement of financial position showed net assets of P32,000,000. Buff's assets and liabilities had fair value different from the carrying amount as follows: Property, plant and equipment, net Other assets Long-term debt Carrying amount 50,000,000 5,000,000 30,000,000 Fair value 57,500,000 3,000,000 30,000,000 What is the minimum price will Hanzo pay to acquire Buff Incorporated