Problem 3 An asset was acquired on January 1, 2020 for P800,000 and is expected to have a 5- year useful life. The straight-line method was used. On January 1, 2022, the asset was deemed to have a sound value of P720,000. How much is the revaluation surplus for the period ended December 31, 2022?

Problem 3 An asset was acquired on January 1, 2020 for P800,000 and is expected to have a 5- year useful life. The straight-line method was used. On January 1, 2022, the asset was deemed to have a sound value of P720,000. How much is the revaluation surplus for the period ended December 31, 2022?

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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