2F Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property is depreciated over 40 years on a straight-line basis with no residual value. The entity adopted a policy of revaluation of property. The building had so far been revalued twice at fair value. The fair values of the building are as follows: January 01, 2020 – P60,840,000; January 01, 2022 – P72,150,000.
2F Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property is depreciated over 40 years on a straight-line basis with no residual value. The entity adopted a policy of revaluation of property. The building had so far been revalued twice at fair value. The fair values of the building are as follows: January 01, 2020 – P60,840,000; January 01, 2022 – P72,150,000.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 5MC: At the beginning of 2019, Conley Company purchased an asset at a cost of 10,000. For financial...
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49. F2F Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property is
How much is the revaluation surplus to be reported in the statement of changes in equity for the year ended December 31, 2022?
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