The revaluation surplus in the equity section of Light Company’s December 31,20x10 statement of financial position isa. 77,000b.110,000c. 123,443d. 109,500And journal entry Use the following information for the next four items:Light Company bought a machine for P300,000 onJanuary 1, 20x8. The machine's useful life is 10 years andit is estimated to have a zero residual value and isdepreciated using the straight-line method.The revalued amount of the machine is as follows:December 31Fair values of themachine20x8P 360,00020x9335,0002x10320,000The enacted tax rate was 30% for each year

Some time fair value is more than the book value and that amount is shown as capital gains and after…

Answered: Use the following information for the…

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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The revaluation surplus in the equity section of Light Company’s December 31,20x10 statement of financial position is a. 77,000 b.110,000 c. 123,443 d. 109,500 And journal entry

Use the following information for the next four items:
Light Company bought a machine for P300,000 on
January 1, 20x8. The machine's useful life is 10 years and
it is estimated to have a zero residual value and is
depreciated using the straight-line method.
The revalued amount of the machine is as follows:
December 31
Fair values of the
machine
20x8
P 360,000
20x9
335,000
2x10
320,000
The enacted tax rate was 30% for each year

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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