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BOUGAINVILLEA Company acquired a building on January 1, 2017 at a cost of ₱20,000,000. The building had a useful life of six years and residual value of ₱2,000,000. The building was revalued on January 1, 2020 and the revaluation revealed replacement cost of ₱30,000,000, residual value of ₱4,000,000 and revised useful life of 8 years from the date of acquisition. What is the revaluation surplus on January 1, 2020

BOUGAINVILLEA Company acquired a building on January 1, 2017 at a cost of ₱20,000,000. The building had a useful life of six years and residual value of ₱2,000,000. The building was revalued on January 1, 2020 and the revaluation revealed replacement cost of ₱30,000,000, residual value of ₱4,000,000 and revised useful life of 8 years from the date of acquisition. What is the revaluation surplus on January 1, 2020

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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BOUGAINVILLEA Company acquired a building on January 1, 2017 at a cost of ₱20,000,000. The building had a useful life of six years and residual value of ₱2,000,000. The building was revalued on January 1, 2020 and the revaluation revealed replacement cost of ₱30,000,000, residual value of ₱4,000,000 and revised useful life of 8 years from the date of acquisition. What is the revaluation surplus on January 1, 2020?

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