decade since its incorporation, Feb-Ibig Company had been renting its office space. The Company President thought of constructing their own building for P40,000,000 which they plan to start and finish until December 31, 2021. Feb-Ibig made the following payments, based on the construction contract, during 2021. · January 31- P5,000,000 · February 28- P8,000,000 · July 1- P15,000,000 · August 31- P10,000,000
53. For more than a decade since its incorporation, Feb-Ibig Company had been renting its office space. The Company President thought of constructing their own building for P40,000,000 which they plan to start and finish until December 31, 2021.
Feb-Ibig made the following payments, based on the construction contract, during 2021.
· January 31- P5,000,000
· February 28- P8,000,000
· July 1- P15,000,000
· August 31- P10,000,000
· November 30- P2,000,000
Feb-Ibig secured a 10%, 4-year noted dated January 1, 2021, specifically intended for the construction. The amount was P20,000,000.
Also, the entity had other debts outstanding as follows:
· 8%, 6-year note dated December 31, 2019- P18,000,000
· 12%, 7-year noted dated December 31, 2018 - P22,000,000
What is the total cost of the building constructed?
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