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24. Company C is a supplier of industrial products, in 2018, the company purchased a plot of land on the outskirts of a major city. The land was originally acquired at a cost of P 15,000,000. The area has mainly low-cost public housing and very limited public transport facilities. The national government has plans to develop the area as an industrial park in five years' time and land is expected to greatly appreciate in value if the government proceeds with the plan. Company C's management has not decided what to do with the property. On December 31,2018, the property has a current fair value of P 15,400,000. How should the company classify the property in its December 31,2018 statement of financial position? a. As land at its historical cost of P 15,000,000 b. As land at its current fair value of P 15,400,000 C. As investment property at its current fair value of P15,400,000 d. As inventory at the lower of cost of P 15,000,000 or current fair value of P15,400,000