Problem 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 Depreciation is computed using straight line over 15y current year. years for building. On June 30, 2020 the land and building were revalued. Sound value Replacement cost 65,000,000 600,000,000 65,000,000 480,000,000 Land Building 1. What is the revaluation surplus on June 30, 20202 a. 135,000,000 b. 125,000,000 c. 120,000,000 d. 160,000,000
Problem 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 Depreciation is computed using straight line over 15y current year. years for building. On June 30, 2020 the land and building were revalued. Sound value Replacement cost 65,000,000 600,000,000 65,000,000 480,000,000 Land Building 1. What is the revaluation surplus on June 30, 20202 a. 135,000,000 b. 125,000,000 c. 120,000,000 d. 160,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:There were no additions or disposals during the current year.
Problem 29-9 (PHILCPA Adapted)
the
50,000,000
450,000,000
75,000,000
Land
Building
Accumulated depreciation-building
years
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, 20202
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
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