On January 1, 2019, an entity purchased equipment for P4,800,000. The equipmen s expected to have a useful life of six years with no residual value. On December 31, 2019 he entity elected to use the revaluation model. The fair value of the equipment on this dat vas P4,400,000. 45. What amount of revaluation surplus should be recognized on December 31, 2019? a. P400,000 b. P200,000 c. P600,000 d. P800,000 46. What is the balance of revaluation surplus on December 31, 2020? a. P400,000 b. P160,000 c. P640,000 d. P320,000
On January 1, 2019, an entity purchased equipment for P4,800,000. The equipmen s expected to have a useful life of six years with no residual value. On December 31, 2019 he entity elected to use the revaluation model. The fair value of the equipment on this dat vas P4,400,000. 45. What amount of revaluation surplus should be recognized on December 31, 2019? a. P400,000 b. P200,000 c. P600,000 d. P800,000 46. What is the balance of revaluation surplus on December 31, 2020? a. P400,000 b. P160,000 c. P640,000 d. P320,000
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
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 6RE
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