No 24

Question 24 I pts A Company acquired a piece of land with an existing building for P3,600,000 as a site for a new headquarters. Relevant to this acquisition, the ff information were provided: Fair value of the land 3,500,000 Cost of demolishing the 40,000 old building Legal fees 10,000 Taxes in arrears 50,000 Construction cost of new 1,250,000 building Architect fee 60,000 Insurance fee during 20,000 construction Cost of constructing 15.000 driveway Temporary housing for 50.0001 construction workers How much is the cost of land and building based on the above costs? 3.660,000 and 1.380.000 3.660,000 and 1,420.000 3.560,000 and 1.420.000 0 3.560.000 and 1.380.000