Problem 1 White Company commenced operations on July 1, 2016. During the following year, the company acquired a trac demolished the building on the land and built a new factory. Equipment was acquired for the factory land, and 2017, the plant was ready to commenced operation. During this period, the following inflows and outflows occurred: While searching for a suitable block of land, White company placed an option to buy with three real estate agents of P 1,000 each. One of these blocks of land was later acquired. Payment of option fees .... P 3,000 Receipt of loan from bank ... P 4,000,000 Payment to settlement agent for title Search, stamp duties and settlement Fees.. .P 100,000 Payment of arrears in rates on building And land... .P 50,000 Payment for land.. .P 1,000,000 Payment for demolition of current Building on land.. .P 120,000 Proceeds from sale of material from Old building P 55,000 Payment to architect.. P 230,000 Payment to council for approval Of building construction.... P 120,000 Payment for safety fence around Construction site..... ..P 34,000 Payment to construction contractor For factory building..... .P 2,400,000 Payment for external driveways, Parking bays and safety lighting..... P 540,000 Payment for safety inspection on building.. .P 30,000 Payment for equipment....... P 640,000 Payment of freight and insurance costs On delivery of equipment..... .P 56,000 Payment of installation cost on equipment.. ..P 120,000 Payment for safety equipment surrounding Equipment.... ....P 110,000 Payment for removal of safety fence. .P 20,000 Payment for new fence surrounding The factory..... .....P 80,000 Payment for advertisements in local Paper about the forthcoming factory And its benefits to the local community...... .P 5,000 Payment for opening ceremony ..... P 60,000 Payment to adjust equipment to more Efficient operating levels subsequent to Initial operation..... ..P 33,000 REQUIRED: Compute the cost of the following: 1. Land 2. Land improvements 3. Building 4. Equipment