PLEASE ANSWER ALL OF THIS QUESTION ASAP!!! Problem 31-16 (IFRS)On January 1, 2022, World Company reported the followinginformation:Building at costAccumulated depreciationThe building was measured using the cost model anddepreciated on a straight line basis over 10-year period.30,000,00012,000,000On January 1, 2022, the management decided to change the basisof measurement from the cost model to the revaluation model.The equipment was revalued at the fair value of P27,000,000with no change in useful life.1. What amount should be reported as pretax revaluationsurplus on December 31, 2022?a. 12,500,000b. 15,000,000C.7,500,000d. 9,000,0002. What amount should be recorded as depreciation for 2022?a. 4,500,000b. 2,700,000C. 3,000,000d. 1,500,000

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Description: PLEASE ANSWER ALL OF THIS QUESTION ASAP!!! Problem 31-16 (IFRS)On January 1, 2022, World Company reported the followinginformation:Building at costAccumulated depreciationThe building was measured using the cost model anddepreciated on a straight lin

Depreciation is demunition in the value of an asset on account of its wear and tear.…

Business

Accounting

roblem 31-16 (IFRS) January 1, 2022, World Company reported the following formation: ilding at cost cumulated depreciation e building was measured using the cost model and preciated on a straight line basis over 10-year period. January 1, 2022, the management decided to change the basis measurement from the cost model to the revaluation model. e equipment was revalued at the fair value of P27,000,000 th no change in useful life. 30,000,000 12,000,000 What amount should be reported as pretax revaluation surplus on December 31, 2022? a. 12,500,000 b. 15,000,000 C. c. d. 7,500,000 9,000,000 What amount should be recorded as depreciation for 2022? a. 4,500,000 b. 2,700,000 c. 3,000,000 d. 1,500,000

roblem 31-16 (IFRS) January 1, 2022, World Company reported the following formation: ilding at cost cumulated depreciation e building was measured using the cost model and preciated on a straight line basis over 10-year period. January 1, 2022, the management decided to change the basis measurement from the cost model to the revaluation model. e equipment was revalued at the fair value of P27,000,000 th no change in useful life. 30,000,000 12,000,000 What amount should be reported as pretax revaluation surplus on December 31, 2022? a. 12,500,000 b. 15,000,000 C. c. d. 7,500,000 9,000,000 What amount should be recorded as depreciation for 2022? a. 4,500,000 b. 2,700,000 c. 3,000,000 d. 1,500,000

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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