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Beanery Company purchased land with a current market value of P2,400,000. The carrying amount of the land was P1,305,000. In exchange for the land, the

Beanery Company purchased land with a current market value of P2,400,000. The carrying amount of the land was P1,305,000. In exchange for the land, the entity issued 20,000 ordinary shares with par value of P100 and an estimated market value of P140 per share. The shares are not traded in an established stock exchange. What amount should be recorded as cost of the land?

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