On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building with cost of ₱60,000,000 and accumulated depreciation of ₱18,000,000. The land and building were revalued on the same date and revealed the fair value of land at ₱15,000,000 and building at ₱70,000,000. The original useful life of the building is 20 years and depreciation is computed on the straight line. 1. What is the revaluation surplus on December 31, 2020? * ₱ 31,000,000 ₱ 11,142,857 ₱ 33,000,000 ₱ 11,500,000 ₱ 30,642,857 2. What is the annual depreciation for 2020? * ₱ 3,000,000 ₱ 3,500,000 ₱ 5,000,000 ₱ 4,500,000
On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building with cost of ₱60,000,000 and accumulated depreciation of ₱18,000,000. The land and building were revalued on the same date and revealed the fair value of land at ₱15,000,000 and building at ₱70,000,000. The original useful life of the building is 20 years and depreciation is computed on the straight line. 1. What is the revaluation surplus on December 31, 2020? * ₱ 31,000,000 ₱ 11,142,857 ₱ 33,000,000 ₱ 11,500,000 ₱ 30,642,857 2. What is the annual depreciation for 2020? * ₱ 3,000,000 ₱ 3,500,000 ₱ 5,000,000 ₱ 4,500,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 11MCQ
Related questions
Question
100%
On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building with cost of ₱60,000,000 and
1. What is the revaluation surplus on December 31, 2020? *
₱ 31,000,000
₱ 11,142,857
₱ 33,000,000
₱ 11,500,000
₱ 30,642,857
2. What is the annual depreciation for 2020? *
₱ 3,000,000
₱ 3,500,000
₱ 5,000,000
₱ 4,500,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning