On December 31, 2020, the statement of financial position of ABC Company showed the following property and equipment after charging depreciation: Building 3,000,000 Accumulated Depreciation - Building (1,000,000) Equipment 1,200,000 Accumulated Depreciation - Equipment (400,000) The Company has adopted the revaluation model for the valuation of property and equipment. This has resulted in the recognition in prior periods of an asset revaluation surplus for the building of P140,000. On December 31, 2020, an independent valuer assessed the fair value of the building to be P1,600,000 and the equipment to be P900,000. The building and equipment had remaining useful lives of 25 years and 4 years, respectively, as of December 31, 2020. The revaluation surplus as of December
On December 31, 2020, the
Building 3,000,000
Equipment 1,200,000
Accumulated Depreciation - Equipment (400,000)
The Company has adopted the revaluation model for the valuation of property and equipment. This has resulted in the recognition in prior periods of an asset revaluation surplus for the building of P140,000. On December 31, 2020, an independent valuer assessed the fair value of the building to be P1,600,000 and the equipment to be P900,000. The building and equipment had remaining useful lives of 25 years and 4 years, respectively, as of December 31, 2020.
The revaluation surplus as of December 31,2021 is
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