New York University ACCT-UB ACCT-UB 101 Vivacious Company reported land at P350,000 under property, plant…

New York University ACCT-UB ACCT-UB 101 Vivacious Company reported land at P350,000 under property, plant…

Vivacious Company reported land at P350,000 under property, plant and equipment on January 1, 2021. On November 1, 2021, the entity acquired a tract of land with an existing building with insignificant fair value in exchange for 10,000 shares of P20 par value that had a market price of P34 a share on this date. the entity paid legal fees and title insurance totaling P25,000 . The last property tax bill indicated assessed value of P240,000 for land and P60,000 for building. Shortly after acquisition, the building was razed at a cost of P45,000 in anticipation of new building construction in 2022. At what amount should land be reported for the year ended December 31,2021?

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