Question 2 Building: DLSU Company purchased a tract of land for a factory site in the future. The entity demolished an old building on the property to make room for the construction of a new building. The entity incurred the following costs as follows which was completed at the end of the year:

Land purchase price:10,000,000

Demolition of old Building: 400,000

Proceeds from sale of salvage value from the demolished old building: 110,000

Transfer of title: 140,000

Construction cost: 3,500,000

Architect fee: 250,000

Building permit: 60,000

How much is the cost of the building ?