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Norris 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

Norris 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 market value of P140 per share.

Q1: What is the initial measurement of land under the 2nd preferred approach?

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