On 1 July 20X1 Jack Furnishing Pte Ltd. (JFL) purchased two buildings: Building A for $12 million and the adjacent Building B for $20 million. The company also paid a legal fee of $120,000 and agent's commission of $80,000 to complete the transfer of the title deeds for both buildings. The decision for the purchase was the result of a favourable market study which the company paid $25,000 for on 12 June 20X1. What is the initial cost of the buidlings