Nona Co. purchased land worth P20,000,000 on January 1, 2021. The company usesthe revaluation model in accounting for its PPE.On December 31, 2021, an independent appraiser valued the land at P43,000,000.But on December 31, 2022, the land had a fair value of P8,000,000.How much revaluation deficit/impairment loss should be recognized in the incomestatement on December 31, 2022? (No need to put "+" or "", just place absolutevalue)

Under revaluation model, Property plant and equipment is measured at an estimated fair value of the…

Answered: Nona Co. purchased land worth…

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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