On February 12, Lar Company purchased a tract of land as a factory site for 175,000. An existing building on the property was razed and construction was begun on a new factory building in March of the same year. Additional data are available as follows:

Cost of razing old building 35,000

Title insurance and legal fees to purchase land 12,500

Architect's fees 42,500

New building construction costs 875,000

The recorded cost of the completed factory building should be

• P910,000
• P917,500
• P930,000
• Answer not given
• P952,500