Methods of recording revaluation - Appraised valueUse the following information for the next two questions:On December 31, 20x1, the building of ABC Co. with a historical cost of P320,000,000, accumulateddepreciation of P160,000,000, and an estimated useful life of 20 years has been assessed by anexternal valuer to have an appraised value of $200,000,000. Income tax rate is 30%The entry under the proportional method to record the revaluation includesb. credit to accumulated depreciation fora. debit to accumulated depreciation for $40,000,000P20,000,000c. debit to building for P80,000,000d. credit to building for P80,000,000с

Depreciation is the gradual conversion of the cost of a fixed asset into expense. It does not mean…

Answered: The entry under the proportional method…

The entry under the proportional method to record the revaluation includes a. debit to accumulated depreciation for P40,000,000 b. credit to accumulated depreciation for

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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