On January 1, 2020, PEONY Company showed land with a carrying amount of ₱10,000,000 and building with cost of ₱60,000,000 and accumulated depreciation of ₱18,000,000. The land and building were revalued on the same date and revealed the fair value of land at ₱15,000,000 and building at ₱70,000,000. The original useful life of the building is 20 years and depreciation is computed on the straight line. What is the revaluation surplus on December 31, 2020?        ₱ 33,000,000       ₱ 31,000,000       ₱ 11,142,857       ₱ 11,500,000

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