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What the land should be capitalized at

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Reference no: EM132960957

Problem 1: On December 1, Miser Corporation exchanged 2,000 shares of its P25 par value ordinary shares held in treasury for a parcel of land to be held for a future plant site. The treasury shares were acquired by Miser at a cost of P40 per share, and on the exchange date the ordinary shares of Miser had a fair value of P50 per share. Miser received P6,000 for selling scrap when an existing building on the property was removed from the site. Based on these facts, the land should be capitalized at?

a. P74,000

b. P94,000

c. P80,000

d. P100,000

Reference no: EM132960957

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