On July 1, 2020, Drenz Company purchased land and incurred other costs relative to the construction of a new warehouse. A summary of economic activities is listed below.

Purchase price 925,000

Title insurance 7,500

Legal fees to purchase land 5,000

Cost of razing old building on lot 42,500

Proceeds from sale of salvageable materials 6,000

Property taxes, January 1, 2019 to June 30, 2019 15,000

Cost of grading and filling building site 45,000

Cost of building construction 3,100,000

Interest in construction loan 60,000

Cost of constructing driveway 400,000

Cost of parking lot and fencing 60,000

Based on the above data, determine the cost of the following:

1.Land

a.P997,500

b.P1,034,000

c.P952,500

d.P982,500

2.Building

a.P3,196,500

b.P3,160,000

c.P3,205,000

d.P3,256,500

3.Land Improvements?

a.P400,000

b.P460,000

c.P505,000

d.P60,000