Lancome Company purchased a P2,000,000 tract of land for a factory site. Lancome razed an old...

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Lancome Company purchased a P2,000,000 tract of land for a factory site. Lancome razed an old building on the property and sold the materials it salvaged from the demolition. Prior to the demolition, the company paid P40,000 to the informal settlers so that they would leave the property. Lancome incurred additional costs and realized salvage proceeds as follows: Demolition of old building - P250,000; legal fees for purchased contract - P50,000; Title guarantee - P60,000; Proceeds from sale of salvaged materials - P40,000. As a result, what balance should Lancome report in the land account? Lancome Company purchased a P2,000,000 tract of land for a factory site. Lancome razed an old building on the property and sold the materials it salvaged from the demolition. Prior to the demolition, the company paid P40,000 to the informal settlers so that they would leave the property. Lancome incurred additional costs and realized salvage proceeds as follows: Demolition of old building - P250,000; legal fees for purchased contract - P50,000; Title guarantee - P60,000; Proceeds from sale of salvaged materials - P40,000. As a result, what balance should Lancome report in the land account?