Problem 29-9 (PHILCPA Adapted) the On January 1, 2020, Contentious Company provided t following information related to the land and building: 50,000,000 450,000,000 75,000,000 Land Building Accumulated depreciation-building There were no additions or disposals during the current year. years Depreciation is computed using straight line over 15 y On June 30, 2020 the land and building were Replacement cost for building. revalued. Sound value 65,000,000 600,000,000 65,000,000 480,000,000 Land Building 1. What is the revaluation surplus on June 30, 2020? a. 135,000,000 b. 125,000,000 c. 120,000,000 d. 160,000,000 2. What is the depreciation of the building for 2020? a. 30,000,000 b. 35,000,000 c. 40,000,000 d. 32,000,000 3. What is the revaluation surplus on December 31, 2020: a. 125,000,000 b. 130,000,000 c. 123,750,000 d. 115,000,000 854

Problem 29-9 (PHILCPA Adapted) the On January 1, 2020, Contentious Company provided t following information related to the land and building: 50,000,000 450,000,000 75,000,000 Land Building Accumulated depreciation-building There were no additions or disposals during the current year. years Depreciation is computed using straight line over 15 y On June 30, 2020 the land and building were Replacement cost for building. revalued. Sound value 65,000,000 600,000,000 65,000,000 480,000,000 Land Building 1. What is the revaluation surplus on June 30, 2020? a. 135,000,000 b. 125,000,000 c. 120,000,000 d. 160,000,000 2. What is the depreciation of the building for 2020? a. 30,000,000 b. 35,000,000 c. 40,000,000 d. 32,000,000 3. What is the revaluation surplus on December 31, 2020: a. 125,000,000 b. 130,000,000 c. 123,750,000 d. 115,000,000 854

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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