Samson Company applies revaluation accounting to plant assets with a carrying value of P800,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of P750,000. The financial statements for year one will include the following information: Select one: a. Depreciation expense P50,000. b. Revaluation surplus P50,000. c. Accumulated depreciation P200,000. d. Plant assets P750,000.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Samson Company applies revaluation accounting to plant assets with a carrying value of P800,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of P750,000. The financial statements for year one will include the following information:

Select one:
a. Depreciation expense P50,000.
b. Revaluation surplus P50,000.
c. Accumulated depreciation P200,000.
d. Plant assets P750,000.
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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