On June 21, 2021, YY Trading acquired a property intended for future construction of a new building. The following costs were incurred:
Acquisition cost of property	10,000,000
Demolition cost of old building	250,000
Transfer of title fees, legal fees	85,000
Surveying fees	30,000
Scrap metals from demolition proceeds	15,000
Grading and leveling of land	20,000
Annual property tax for 2022 paid on Nov. 5	15,000
As of year-end, the above property was valued at P10,385,000. At what amount was the company's income overstated during the year?

Group of answer choices

15,000

30,000

0

Cannot be determined.