In January 1, 2020, the following assets of Company A had the following corresponding values: Carrying amount Residual Value EUL Sound Value Year acquired 5,400,000 10 5,750,000 7,600,000 12 *7,850,000 Machinery Equipment O 3.122.600 The company decided to measure these properties using revaluation model. Full year depreciation is taken on the year of purchase. In January 1, 2022. the replacement cost of equipment was revalued at P5,100.000. What is the amount taken to profit or loss as a result of the revaluation on January 1, 2022? Ⓒ 3.050.000 O2.988.000 500,000 400,000 3.837.500 2017 2016

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In January 1, 2020, the following assets of Company A had the following corresponding values:
Carrying amount
EUL Sound Value Year acquired
5,400,000
5,750,000
*7.600.000
7,850,000
Machinery
Equipment
O 3.122.600
O 3.050.000
Ⓒ 2.988.000
Residual Value
3.837.500
500,000
400,000
10
12
The company decided to measure these properties using revaluation model.
Full year depreciation is taken on the year of purchase.
In January 1, 2022, the replacement cost of equipment was revalued at P5.100.000.
What is the amount taken to profit or loss as a result of the revaluation on January 1. 2022?
2017
2016
Transcribed Image Text:In January 1, 2020, the following assets of Company A had the following corresponding values: Carrying amount EUL Sound Value Year acquired 5,400,000 5,750,000 *7.600.000 7,850,000 Machinery Equipment O 3.122.600 O 3.050.000 Ⓒ 2.988.000 Residual Value 3.837.500 500,000 400,000 10 12 The company decided to measure these properties using revaluation model. Full year depreciation is taken on the year of purchase. In January 1, 2022, the replacement cost of equipment was revalued at P5.100.000. What is the amount taken to profit or loss as a result of the revaluation on January 1. 2022? 2017 2016
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