On December 1, 2020, Boyd Company purchased a P400,000 tract of land as an investment property. The entity razed an old building on the property and sold the materials it salvaged from the demolition. The entity incurred additional costs and realized salvage proceeds as follow: Demolition of old building 50,000 Legal fees for purchase contract and recording ownership 10,000 Title guarantee insurance 12,000 Proceeds from sale of salvaged materials 8,000 On December 31, 2020, what is the carrying amount of the land