What is the amount of revaluation surplus? * On December 31, 2021, Entity A determines that its building with historical cost of P30,000,000 and accumulated depreciation of 7,500,000 has a fair value of P25,500,000, Assume the building has a remaining useful life of 10 years with no residual value. EntityA uses the straight-line method for depreciation.
What is the amount of revaluation surplus? * On December 31, 2021, Entity A determines that its building with historical cost of P30,000,000 and accumulated depreciation of 7,500,000 has a fair value of P25,500,000, Assume the building has a remaining useful life of 10 years with no residual value. EntityA uses the straight-line method for depreciation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:What is the amount of revaluation
surplus? *
On December 31, 2021, Entity A determines that its building with historical cost of
P30,000,000 and accumulated depreciation of 7,500,000 has a fair value of P25,500,000,
Assume the building has a remaining useful life of 10 years with no residual value. Entity A
uses the straight-line method for depreciation.
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