ABC Company has equipment acquired on January 1, 2018, at a cost of P2,200,000 with an estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2020, the fair value of the equipment is P2,000,000, and revised residual value of P300,000. Round off percentage to whole number and to nearest peso if you are required to gross up. The amount of revaluation surplus to be recognized in the year of revaluation is?

ABC Company has equipment acquired on January 1, 2018, at a cost of P2,200,000 with an estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2020, the fair value of the equipment is P2,000,000, and revised residual value of P300,000. Round off percentage to whole number and to nearest peso if you are required to gross up. The amount of revaluation surplus to be recognized in the year of revaluation is?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 29CE

See similar textbooks

Similar questions

2. ABC Company has equipment acquired on January 1, 2018, at a cost of P2,200,000 with an estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2020, the fair value of the equipment is P2,000,000, and revised residual value of P300,000. Round off percentage to the whole number and to the nearest peso if you are required to gross up. The carrying value of the equipment on December 31, 2021 is?
1. ABC Company has equipment acquired on January 1, 2018, at a cost of P2,100,000 with 20 years estimated useful life. On December 31, 2022, the fair value of the equipment turns P1,843,750. In addition, the useful life has revised to 15 years and ABC estimates a residual value of P100,000. Round off percentage to 2-decimal places and the gross-up value to nearest peso if you are required to gross-up. The revaluation and revision of estimates have resulted in ABC reporting accumulated depreciation a year after revaluation at what amount?
ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2021, the replacement cost of the equipment is P2,400,000. Two years after, the depreciated replacement cost has declined to 1,470,000. Round off percentage to whole number and gross-up value to the nearest peso if you are required to gross up. On December 31, 2024, the equipment’s carrying value is
4. ABC Company has equipment acquired on January 1, 2018, at a cost of P2,200,000 with an estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2021, the replacement cost of the equipment is P2,400,000. Two years after, the depreciated replacement cost has declined to 1,470,000. Round off percentage to a whole number and gross-up value to the nearest peso if you are required to gross up. Immediately after revaluation, the revaluation surplus has a balance of?
ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with 20 years estimated useful life. On December 31, 2022, the fair value of the equipment is P1,800,000, and revised useful life of 15 years. Round off percentage to whole number and the gross up value to nearest peso if you are required to gross up. The carrying value of the equipment 2 years after revaluation is
7. ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with 20 years of estimated useful life. On December 31, 2022, the fair value of the equipment is P1,800,000, and revised useful life of 15 years. Round off percentage to the whole number and to the nearest peso if you are required to gross up. On December 31, 2022, determine the net increase in comprehensive income of ABC.
Computational. ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2021, the replacement cost of the equipment is P2,400,000. A year after, the replacement cost has declined to 1,700,000. Round off percentage to whole number and to nearest peso if you are required to gross up. Determine the loss due to revaluation
how much is the revaluation surplus to be recognized on Dec. 31 2021?
On 1 January 2021, Recto, Inc. purchased a machinery for P2,000,000.00. The machinery had a useful life of 10 years. Recto, Inc. opted to use the Revaluation Model in recording its PPE. On 1 January 2022, the machinery was revalued to P2,400,000.00. How much revaluation surplus should be recognized? O P400,000.00 O P2,000,000.00 O P2,400,000.00 O P600,000.00
The actual carrying of an asset is R650 000 on 1 Jan 2020. Depreciation for the 2020 Financial year amounts to R50 000. The historical carrying amount on 1 January 2020 amounts to R400 000 and the historical depreciation for the 2020 Financial year is R15 000. On 31 December 2020 the asset has a FV of R750 000. What is the amount that will be transferred from the revaluation reserve to retained earning ?
On January 1, 2020, Beatrice Company sold an equipment with a remaining life of 20 years and immediately lease it back for a period of 5 years. Below are the relevant data:· Sale price at above fair value: P20,000,000· Fair value of building: 18,000,000· Carrying amount of building: 10,800,000· Annual rental payable at the end of each year: 1,500,000· Implicit rate: 12%PV factor for an ordinary annuity at 12% for five periods is 3.60. How much shall the buyer-lessor recognize as gross rental income and depreciation of the building, respectively? a. 555,556 ; 900,000 b. 944,444 ; 900,000 c. 555,556 ; 1,000,000 d. 944,444 ; 3,600,000
On December 31, 2020, Grains Company sold a truck to Bryan Company and simultaneously leased it back for one year. The entity provided the following information: Sales price is P360,000. Carrying amount is P330,000. PV of reasonable lease rentals at 30,000 for 12 months @ 12% is P341,000. Estimated remaining useful life of the asset is 12 years. In the income statement for 2020, what amount should be reported as gain from the sale of the truck?