India and Lima enter into an agreement to establish a corporate joint venture. Each party will contribute cash and land or equipment to the venture. India contributes P50,000 cash and a land with carrying value of P25,000 and fair value of P30,000. At what amount will India record its investment in joint venture?

Select one:

a.

P77,500

b.

P82,500

c.

P80,000

d.

P75,000