On December 31, 2019, Blackpink Incorporated purchase a trademark. Data pertinent to the trademark as of December 31, 2019 follow: Original Cost – P2,400,000 Adjusted accumulated depreciation – 600,000 Original useful life- 8 years Selling price – 1,400,000 Estimated cost to make the sale – 200,000 Value in use – 1,100,000 Remaining useful life – 6 years Method of depreciation – straight-line On December 31, 2022, the asset is found to have a recoverable amount of P1,400,000. How much is the revaluation surplus to be recognized in 2022?
On December 31, 2019, Blackpink Incorporated purchase a trademark. Data pertinent to the trademark as of December 31, 2019 follow: Original Cost – P2,400,000 Adjusted accumulated depreciation – 600,000 Original useful life- 8 years Selling price – 1,400,000 Estimated cost to make the sale – 200,000 Value in use – 1,100,000 Remaining useful life – 6 years Method of depreciation – straight-line On December 31, 2022, the asset is found to have a recoverable amount of P1,400,000. How much is the revaluation surplus to be recognized in 2022?
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
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 8MC: On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was...
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On December 31, 2019, Blackpink Incorporated purchase a trademark. Data pertinent to the trademark as of December 31, 2019 follow:
- Original Cost – P2,400,000
- Adjusted
accumulated depreciation – 600,000 - Original useful life- 8 years
- Selling price – 1,400,000
- Estimated cost to make the sale – 200,000
- Value in use – 1,100,000
- Remaining useful life – 6 years
- Method of depreciation – straight-line
On December 31, 2022, the asset is found to have a recoverable amount of P1,400,000. How much is the revaluation surplus to be recognized in 2022?
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