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Cavite Company acquired land and building by issuing 60,000, P100 par value, ordinary shares. On...

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Cavite Company acquired land and building by issuing 60,000, P100 par value, ordinary shares. On the date of acquisition, the shares had a fair value of P150 per share and the land and building had fair value of P2,000,000 and P6,000,000 respectively. During the year, Cavite also received land from a shareholder to facilitate the construction of a plant in the city. Cavite paid P100,000 for the land transfer. The land's fair value is P1,500,000 As a result of these acquisitions, Cavite Company's equity had a net increase of

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