Samyang Inc. acquired a land and an old unusable building for P7,500,000. Samyang contracted Busan Contractors to construct a new building with a total contract price of P10,850,000. Architect fees paid was P473,000. Samyang incurred costs to demolish the old unusable building of P288,000. Proceeds from scrap materials from the old building was P22,000. How much is the cost of land?
Samyang Inc. acquired a land and an old unusable building for P7,500,000. Samyang contracted Busan Contractors to construct a new building with a total contract price of P10,850,000. Architect fees paid was P473,000. Samyang incurred costs to demolish the old unusable building of P288,000. Proceeds from scrap materials from the old building was P22,000. How much is the cost of land?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Samyang Inc. acquired a land and an old unusable building for P7,500,000. Samyang contracted Busan Contractors to construct a new building with a total contract price of P10,850,000. Architect fees paid was P473,000. Samyang incurred costs to demolish the old unusable building of P288,000. Proceeds from scrap materials from the old building was P22,000. How much is the cost of land?
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