Biliran Company incurred the following costs at the beginning of the current year: Cost of land 1,000,000 Cost of building 4,000,000 Remodeling and repairs prior to occupancy 500,000 Escrow fee 100,000 Clearing, leveling and landll 250,000 Property tax for period prior to acquisition 150,000 Real estate commission 300,000 What is the cost of building a. 4,500,000 b. 4,740,000 c. 4,800,000 (1. 4,940,000