On May 1, 2016, Lenny Corporation purchased for P690,000 a tract of land on which a warehouse and office building were located. The following data were collected concerning the property:

Current Assessed Valuation Vendor's Original cost

Land P280,000 P180,000

Warehouse 320,000 315,000

Office Building 200,000 129,000

P800,000 P624,000

Determine the appropriate amount that Lenny should charge to land.