The following costs were incurred by ABCDEFGH, Inc.. during 2020: Organization fees Land site and old building Option payments Broker's fees on July 1 July 2 July 3 July 20 July 30 August 30 December 21 O P1,856,320 O P1,512,000 property acquired O P2,288,000 Cost of remodeling the O P1,992,320 building Salaries of executives Real property taxes P120,000 1,890,000 250,000 110,400 Additional information: The building acquired had a fair value of P450,000 while the land was currently appraised at P1,800,000 60,000 P50,000 of the option money paid were for properties not acquired. The executives had no participation on the remodeling of the building The property taxes were for the 2020 calendar year. How much is the cost of land? 360,000 240,000