ABC Company Acquired A Land For P8 Million. The Company Paid P5 Millio…

ABC Company acquired a Land for P8 million. The company paid P5 million cash and issue a promissory note amounting to P3 million. The current fair market value of the land is P9 million. At what amount should Land be recorded?

a. 3 million
b. 5 million
c. 8 million
d. 9 million​

Answer:

8 million

Step-by-step explanation:

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