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On December 1, 2016, Malaluan Corporation decided to dispose of an item of plant that is carried in its records at a cost of P450,00,0 with accumulated depreciation of P80,000. Depreciation on the plant since it was originally acquired has been charged at P5,000 per month. The plant will continue to be operated until it is sold, at which time operations of the plant will be outsourced. The company undertook all necessary actions to be able to classify the asset as held for sale. It is estimated that it could sell the plant for its fair value, P350,000, incurring P10,000 selling costs in the process. The plant has been depreciated at an amount

of P5,000 per month.

On December 31, 2016, the plant has not been sold but, due to shortage of this type of plant, there had been an increase in the fair value to P360,000 while expected costs to sell remain at P10,000.

If Malaluan Corporation had not sold the plant as of December 31, 2017 and the recoverable amount at that date is P315,000, the plant should be carried in Malaluan's statement of financial position at December 31, 2017 at

a. 370,000

b. 350,000

c. 315,000

d. 305,000