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1. The revaluation surplus in the equity section of Light Company’s December 31, 20x8 statement of financial position is ____________ 2. The amount of depreciation expense to be recognized in 20x9 is ___________ 3. The amount of revaluation surplus transferred to retained earnings in 20x9 is __________

1. The revaluation surplus in the equity section of Light Company’s December 31, 20x8 statement of financial position is ____________ 2. The amount of depreciation expense to be recognized in 20x9 is ___________ 3. The amount of revaluation surplus transferred to retained earnings in 20x9 is __________

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. The revaluation surplus in the equity section of Light Company’s December 31, 20x8 statement of financial position is ____________

2. The amount of depreciation expense to be recognized in 20x9 is ___________

3. The amount of revaluation surplus transferred to retained earnings in 20x9 is __________

4. The revaluation surplus in the equity section of Light Company's December 31, 2x10 statement of financial position is _____________

Light Company bought a machine for P300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method. The revalued amount of the machine is as follows: December 31 Fair values of the machine 20x8 20x9 2x10 P 360,000 335,000 320,000 The enacted tax rate was 30% for each year
Transcribed Image Text:Light Company bought a machine for P300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method. The revalued amount of the machine is as follows: December 31 Fair values of the machine 20x8 20x9 2x10 P 360,000 335,000 320,000 The enacted tax rate was 30% for each year
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