The following costs were incurred by ABCDEFGH, Inc.. during 2020: Organization fees Land site and old...

   

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The following costs were incurred by ABCDEFGH, Inc.. during 2020: Organization fees Land site and old building Option payments Broker's fees on July 1 July 2 July 3 July 20 July 30 August 30 December 21 O P1,856,320 O P1,512,000 property acquired O P2,288,000 Cost of remodeling the O P1,992,320 building Salaries of executives Real property taxes P120,000 1,890,000 250,000 110,400 Additional information: • The building acquired had a fair value of P450,000 while the land was currently appraised at P1,800,000 60,000 • P50,000 of the option money paid were for properties not acquired. • The executives had no participation on the remodeling of the building • The property taxes were for the 2020 calendar year. How much is the cost of land? 360,000 240,000 The following costs were incurred by ABCDEFGH, Inc.. during 2020: Organization fees Land site and old building Option payments Broker's fees on July 1 July 2 July 3 July 20 July 30 August 30 December 21 O P1,856,320 O P1,512,000 property acquired O P2,288,000 Cost of remodeling the O P1,992,320 building Salaries of executives Real property taxes P120,000 1,890,000 250,000 110,400 Additional information: • The building acquired had a fair value of P450,000 while the land was currently appraised at P1,800,000 60,000 • P50,000 of the option money paid were for properties not acquired. • The executives had no participation on the remodeling of the building • The property taxes were for the 2020 calendar year. How much is the cost of land? 360,000 240,000

Answer rating: 100% (QA)

Question Correct answer is option B ie P1512000 Cost ... View the full answer