Developer Company is constructing a 2-Tower residential condominium. Tower 1 sells 20 units while tower 2 sells 30 units. Both towers will share in the common amenities and occupy the same land area. All units have been pre-sold at this time. The company estimates to spend P210,000,000 on the land; P200,000,000 on the common area; P200,000,000 for developing tower 1 and P300,000,000 for developing tower 2. The company already incurred the following costs: Land, P210,000,000; Common Area, P100,000,000 (which is to be prorated to their saleable area); Development cost for tower 1, P44,000,000; Development cost for tower 2, 150,000,000. Moreover, the company also incurred P10,000,000 as commissions to agents for tower 1 sales and P15,000,000 for tower 2 sales. The agents were already paid 50% of their commissions with the remaining 50% upon full payment from their clients.

How much should the company report as operating expenses in relation to condominium project?

How much cost of the land is recognized as an asset in the company's books?

What is the percentage of completion for tower 1?