On May 4, 2020 the majority stockholder purchased a tract of land as a factory site for P12,000,000. An existing building on the property was demolished, and construction was begun on a new factory building in July 2012. Cost data is shown below: New building construction cost P20,000,000 Cost of demolition 400,000 Proceeds from sale of salvage materials 30,000 Title insurance and attorneys fees for purchase of land 150,000

Instruction:

Compute the capitalized cost of (a) land, (b) completed building?