Question: HOW MUCH SHOULD THE LAND BE RECORDED IN THE BOOKS? Note: Please show me the proper solution in a good accounting form.

Justin Company purchased a plant facility consisting of land and building 1 point from Joshua Company in exchange for 200,000 shares of Justin's share capital. On the acquisition date, Justin's shares had a closing market price of P65 on a stock exchange while its par value is P50. The plant facility was ' carried in Joshua's books at P3,000,000 for the land and P8,000,000 for the building at the exchange date. Current assessed values for the land and ' building, respectively are P4,500,000 and 7,000,000. How much should the Land be recorded in the books? (Answer should be two decimal places, no comma or peso sign) * Your