On February 1, 2018, Milden Company purchased a tract of land as a factory site for P2,500,000. A dilapidated building on the property was razed and construction was began on a new factory building in March 2018. Additional data re available as follows: Cost of razing old building P300,000 Proceeds from sale of salvaged materials 30,000 Title insurance and legal fees to purchase land 150,000 Architects fees 600,000 New building construction cost 15,000,000 The correct cost of the land should be: a. 2,770,000. b. 2,650,000. c. 2,920,000. d. 2,500,000.