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Question - Light Company bought a machine for 300,000 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 360,000
20x9 335,000
2x10 320,000
The enacted tax rate was 30% for each year.
Compute the amount of revaluation surplus transferred to retained earnings in 20x9?
a. P4, 333
b. P7, 000
c. P10, 000
d. P6, 667
e. Answer not given
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