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16 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?

16 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?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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16

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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